Sports Betting in Colorado became legal in November of 2019 and they are moving rapidly to open their first sportsbooks. In addition, the framework for legal sports betting in Colorado was finally take care of last week. In fact, they recently began to accept sports betting applications and the turn out was very high. The headline today is that 50 Companies Apply for a Colorado Sports Betting License in hope to open a sportsbook.
According to Sports Betting Software News, the State of Colorado has 33 sports betting licenses for grabs. However, they will now have to decide which of the 50 applicants will meet their state guidelines. In addition, the Colorado Limited Gambling Control Commission will have to decide which one is best for the state.
Out of the 50 Sports Betting License Applications, 28 come from existing casinos. Furthermore, 10 of them are looking to open their first operation in the state. In addition, 13 companies are also trying to establish online sportsbooks from the start.
Colorado Sports Betting License Means Taxes and Benefits for the State
The main reason for legalizing sports betting in Colorado is to of curse help the state coffers. However, the other reason is to recapture sports betting from offshore sportsbooks and the black market. Once the first sportsbook is up and running, the state will collect a tax of 10% on the net proceeds.
In order to apply for a sports betting license, applicants must first pay a non-refundable $10,000 fee. Afterwards, they must pay a $125,000 licensing fee which will give them a two-year Colorado Sports Betting License.
The Colorado Limited Gambling Control Commission expects to have a list of successful applicants by the end of February. According to the latest gambling news, they are hoping to have legal sports betting available by May 2020.
Colorado expects the revenue to be modest for the first year. However, they believe they will earn at least $29 million on an annual basis once it gets off the ground.