Colorado launches online betting with first legal sportsbook apps

Colorado has become the sixth US state to legalize online betting after the launch of the first online sportsbooks in May 2020.

Colorado has become the latest state to allow legal online gambling with the first online sports betting apps going live on May 1st 2020.

DraftKings, FanDuel, BetRivers and BetMGM all launched their sportsbook apps on May 1, 2020 in Colorado, closely followed by FOXbet on May 19.

The Centennial State has always been one of the more progressive in America, and was the first state in the union to legalize Marijuana for medical use in 2000. They followed up quickly with industrial use in 2013 and recreational use in 2014, with the Marijuana industry in Colorado in 2016 generating $1.3 billion in sales and bringing in $194 million in tax revenue for the state.

The hope is that legal online sports betting does the same for Colorado and a 10% tax has been placed on sports betting revenues, which is similar to that of New Jersey, which operate an 8.5% tax on Casino revenues and 13% on online wagering profits.

The lack of sporting events taking place due to COVID-19 has obviously dampened initial enthusiasm for sports wagering but the proposed launch date of May 1 was still respected by the sportsbooks who had applied for Colorado licenses. All five online operators, who all have their betting apps in both New Jersey and Pennsylvania, reported no problems and they all feel in a prime position to start educating the Colorado betting market when live sports return.

There are almost certainly going to be further launched in Colorado during 2020 as capital city Denver is one of only five in America (along with Los Angeles, Detroit, Chicago and Philadelphia) that supports all four major sports (NBA, NFL, NHL & MLB) within the city limits. This means that there is a fertile audience of sports fans within Colorado’s 5.75 million population.

There are currently 33 Casinos in Colorado and each Casino is permitted to have a sports and/or an internet betting license. The Casino can choose to partner with the same sportsbook for its in-house sports betting license or to partner with a different operator for its online sports betting license. This allows sportsbooks such as DraftKings to operate an online website and app in Colorado, despite not having its own Casino in the state.

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