Colorado is making progress on getting sports betting off the ground.
The Limited Gaming Control Commission, Colorado’s gambling regulator, has approved the state’s sports betting regulations along with seven licences.
What venues have been awarded a licence?
The state regulator has awarded master licenses to Monarch Casino and Saratoga Casino in Black Hawk, Double Eagle Hotel & Casino, J.P. McGill’s Hotel & Casino, Midnight Rose Hotel & Casino and Brass Ass Casino in Cripple Creek, as well as Dostal Alley Casino in Central City.
With these licenses, each venue will be able to offer land-based betting and one online sports betting skin. Operators hoping to offer betting must pay an initial application fee of $10,000 before applying and then an additional $125,000 if the application is approved.
Colorado’s betting rules
The state regulator passed the proposed rules and regulations for sports betting however, some slight changes were made. One of the amendments included the removal of section 8.4, which would have granted the Commission’s director the power to stop operators from using certain data sources.
Under the regulations, a sports betting tax of 10% will be implemented along with an annual sports betting operations fee, but this has not yet been set.
Sports betting in Colorado
The state of Colorado is one of the latest states to legalize and approve sports wagering. The Centennial State narrowly legalized sports betting in November 2019 after voters approved the sports betting measure through a referendum.
Three different types of sports betting license will be available: a master license, a sports betting operator license and an internet sports betting operator license. The cost of these licenses has yet to be set.
Colorado’s sports betting legislation will also establish the Colorado Gaming Control Commission (CGCC), a new regulatory body charged with regulating the state’s sports betting industry.
Last month, DraftKings announced a deal with Twin River Worldwide Holdings Inc. to offer sports betting in the state of Colorado. Under the deal, DraftKings will open a land-based sportsbook at the Twin River Mardi Gras Casino in Black Hawk, Colorado. On top of this, DraftKings will launch its online and mobile sports betting platforms in the state. FanDuel has also inked a deal with Twin River for sports betting in Colorado.