Colorado Moving Forward With May 1 Sports Betting LaunchDespite Lack Of Sporting Events From COVID-19 Spread, Colorado Still Plans To Launch On Schedule |
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The spread of COVID-19 throughout the country put American sports on hold for the time being, but Colorado is still planning to launch its legal sports betting market on May 1, according to a Westworld report.
The state legalized sports betting through a 2019 ballot initiative that would allow legal sports betting to be the tax catalyst funding the Colorado Water Plan.
The Colorado sports betting market is positioned to be an overwhelming success. The state shares borders with New Mexico, Arizona, Utah, Wyoming, Kansas, Oklahoma, and Missouri. Of those neighboring states, only New Mexico has legal sports betting.
With legal sports betting sparse in the immediate area, some analysts forecasted huge revenues for the Centennial State.
Early estimates have the market generating $6 billion in annual total handle, $400 million in revenue and $40 million in tax revenue. For reference, in 2019, Nevada’s total sports betting handle was slightly more than $5.3 billion.
Given the current state of American sports, however, it is unlikely these numbers will come to fruition, at least in 2020.
The bill legalized both online and brick-and-mortar sports betting, so even though casinos are closed, bettors will still be able to wager online and through apps, even if the picking is slim for events to bet on.
However, there is still some hope for gamblers looking for action. Coloradans will have the opportunity to bet on certain esports tournaments and Dana White announced that he was looking for a “private island” to host scheduled fights.
Major League Baseball recently announced it was considering moving all teams to Arizona and playing early regular season games in empty stadiums. The NBA and NHL have not made any announcements regarding the restarts of the remaining seasons.
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