The Advantages of Online Sports Betting in Colorado

In May 2020, Colorado became one of five states in the US to legalize online sports betting. This move is mutually beneficial for both the state and the public. Here’s how you can get a piece of the action from the comfort of your own home.

Why did Colorado legalize online sports betting?

In May 2018, the U.S. Supreme Court reversed a 1992 national ban on sports betting through a 6-3 decision. The high court allowed individual states to decide for themselves whether or not to allow sports betting. In November 2019, citizens of Colorado voted to pass Proposition DD to allow legalized sports betting. As of May 1, 2020, online sports betting is alive and thriving in the Centennial State.

For Colorado, the benefit is mainly economic. Sports betting yields added tax revenue and employment opportunities throughout the state and sustainability for casinos and online sportsbooks. Additionally, citizens gain another way to enjoy their favorite games or discover new forms of entertainment.

Benefits to the government

During the 2019 fiscal year, the state of Colorado collected over $125 million in gaming tax revenue from 33 casinos alone. At the onset, government analysts forecast a yearly increase of roughly $13 million in revenue through taxes and licensing fees on operators, and legal fines or fees on individuals or operators. In three to five years, however, Colorado could take in as much as $40 million in tax revenue.

Benefits to the public

The bulk of the revenue will go to the Colorado Water Plan to aid the state’s reservoirs and rivers through the Colorado Division of Gaming. Unlike in other states, a bettor in Colorado does not need to place a bet physically at a casino. There are several apps available so you can make wagers without leaving your house. Such mobile freedom is particularly beneficial as the sate continues to tackle the COVID-19 pandemic.

Online sportsbooks offer a multitude of sports to satisfy the most avid of sports fans. There is everything from baseball to UFC. Dart throwing anyone? Yep, they’ve got that. Table tennis? Check. Having such a wide variety of betting options could even help fans discover new sports and diversify their gaming interests.

What if sports are not your thing? The cool thing is some apps offer prop bets so you can make either low or no-risk wagers on things like your favorite TV shows, the number of times a celebrity will tweet, trending topics on Google, or even the weather.

Some apps allow a bettor to create their very own prop bets to share with friends, family, or co-workers. Personal prop bets are particularly popular around notable events like the Olympics or the Super Bowl, but a user has options year-round.

You can get your share of the action through any of the following online sportsbooks:
• DraftKings Sportsbook
• FanDuel Sportsbook
• BetMGM Sportsbook
• BetRivers Sportsbook

By the end of 2020, Colorado will have over a dozen online sportsbooks, so the fun is only getting started. If you have ever been curious about the world of sports betting, now is the perfect time to get involved since almost all of these sportsbooks offer risk-free incentives to take a test drive.