Sports betting is up and running in the state of Colorado, and some experts predict huge things for the industry. The lack of live sports has caused the industry to get off to a relatively slow start, but that is set to change in the coming weeks.
Colorado recently became the 18th state to launch sports betting, but few states will be able to keep up with the state when live sports come back. Industry experts are predicting that Colorado could see over $2 billion in total handle during the first year, bringing in more than $12 million in tax revenue for the state.
Other states have made similar predictions and have the same goals, but the laws in Colorado make it possible for them to become a giant. It might have taken the state a little longer to launch that some would have liked, but they got the rules and regulations right.
The main reason that Colorado could become a mega sports betting giant is the fact that full online betting has been legalized. This means that customers can register for a new account, make a deposit, and place bets without ever leaving their home.
Even though several other states offer online sports betting, they make their customers register for an account in-person at the sportsbooks. All of the casinos in Colorado are in remote locations, but customers don’t have to travel at all to place bets.
Lawmakers in Colorado looked to New Jersey for an outline of the sports betting industry, and they took all of the top features from the state. Some of the top regulators have been quick to jump into the market in Colorado, and customers have several great options.
New Jersey saw $4.6 billion in total bets during their first year of sports betting, and Colorado could also be set up for a monster first year. There are about three million more people in New Jersey, but it’s a reasonable prediction to think that Colorado will bring in at least half of the $4.6 billion in betting handle.
If Colorado can reach the $2 billion mark during the first year, that would put them behind just Nevada and New Jersey in the sports betting industry. There will be some growing pains, but everything is set up for Colorado to become a giant in the industry.
Location is another thing that Colorado has to their advantage, even though the brick-and-mortar sportsbooks are not easy to get to. There are just two states west of the Mississippi River that offer full online betting (Oregon, Colorado), which is a huge reason that major operators are flooding the market.
Gambling laws in Colorado also allow for sportsbooks to offer bets on unique and exotic sports. Other states have been slow to allow this to take place, but Colorado is open for business and willing to take on all sports and leagues.
Denver Has Teams to Drive Sports Betting
We already discussed several reasons that sports betting could become huge in Colorado, but every betting market needs teams to drive the betting. Colorado, especially Denver, is home to four terrific sports franchises that will provide for plenty of action. Fans in Denver love these four teams, and they will love betting on these teams even more.
Even though betting on the NHL is not as popular as other sports, the Colorado Avalanche will see plenty of action. Colorado sports fans love their hockey, and they go crazy over the Avalanche.
John Elway has drafted some terrific offensive talent, and 2020 looks like a huge bounce-back year for the Denver Broncos. One of the most storied franchises in the NFL, the Broncos always have Mile High Stadium rocking when they play at home.
One of the most underrated teams in the NBA over the last few years, the Denver Nuggets continue to be a contender in the Western Conference. The Nuggets rarely lose at home, and the home fans make that possible.
Denver Sports Betting Has You Covered
If you are new to the sports betting industry or are a huge sports fan, Denver Sports Betting has you covered. We will provide constant updates on the new sports betting industry in the state, and will post breaking news.
If you are a fan of the Nuggets, Avalanche, Broncos, or Rockies, there is simply no better site to read about your favorite team. From key stories to upcoming betting matchups, Denver Sports Betting will give you all of the information that you need about your favorite teams.
Live sports will be returning soon, and we will step up our game to continue to deliver to our customers. Colorado is set to become a sports betting giant, and Denver Sports Betting is here to break it all down for you.