Casinos in Colorado Want to Launch Retail and Online Sports Betting
Seven casinos that currently operate in the American state of Colorado reportedly filed an application to get master licenses for sports betting. These licenses will give then an opportunity to operate sportsbooks that are not only located in casinos but also online for PC and mobile users.
In other words, if they get licenses, bettors from Colorado will have an opportunity to place bets on their favorite sports using the mobile apps offered by the casinos.
The Denver Post published a report on Saturday, discussing the state of affairs regarding sports betting in the state of Colorado. Voters decided to approve the legislation related to this activity back in November, making The Centennial State one of the members of states that gave the green light to sports betting.
According to the report, the legislation states that the official sports betting procedures could begin on May 1, and casinos were quick to apply for a license. To operate an on-site sportsbook or make deals with betting operators to create online and mobile offers, all casinos must have a master license.
#1 US Gambling Site For 2020
- Accept Players From Every US State
- Credit Card, Debit & Crypto Deposits
- $3,000 New Player Welcome Bonus
- Online Casino, Sportsbook & Poker
Which Casinos Are the Candidates for a Master License?
According to the Denver Post, there are seven venues that are interested in obtaining a master license for a sportsbook. Some of these casinos are the Double Eagle Hotel and Casino, Midnight Rose Hotel and Casino, JP McGill’s Hotel and Casino, The Brass Ass Casino, and Dostal Alley Casino.
The official regulatory body is called the Colorado Limited Gaming Control Commission, whose members will decide which casinos will receive the master license. Once they approve their requests and grant them licenses, the casinos will be able to offer to bet on a wide variety of professional sports.
Even the bettors who are into eSports will have an opportunity to bet on their favorite gaming teams across a plethora of competitions.
Of course, all of that comes at a price. Casinos must agree to hand over 10% of all their earnings made in sports betting to the state.
Apart from the five casinos listed above, additional two venues also applied for a license, and they are Saratoga Casino and Monarch Casino Resort Spa, which is located in a small city called Black Hawk.
With all these seven casinos paying taxes on their revenue, the state of Colorado is hoping to earn approximately $29 million every year from the activity. The money earned from that tax would probably be invested in improving Colorado’s water plan.
According to Buddy Schmalz, who is one of the co-owners of Dostal Alley Casino, the operations in this venue might not be able to start on May 1. He said that casinos actually needed separate licenses for physical and online sportsbooks and that the Colorado Limited Gaming Control Commission had to process approximately 50 applications.
That process might require more time than the legislators initially planned.
As stated in the Denver Post, the biggest casinos in Colorado, including Double Eagle Hotel and Casino, have already started preparing everything for opening a sportsbook as soon as possible.
Double Eagle already signed a deal with PointsBet USA, which is an American subsidiary of a company from Australia called PointsBet Holdings Proprietary Limited. The Australian operator would probably responsible for both online and land-based sports betting offers in Double Eagle.
Other casinos are already setting everything up, hoping that the regulator will issue licenses in time so that they can all start offering sports betting options to all people who enjoy this activity. All it takes now is to wait for May 1 and see how things would turn out.