Colorado is expected to finally launch legalized sports betting on May 1, 2020.
There are dozens of companies competing for a spot in the market and on the surface it appears that Colorado could have a booming sports betting market.
However, the Colorado Limited Gaming Control Commission (CLGCC) who last month confirmed they will have full control of pro bets, has decided to put a clamp on things early.
The commission has decided to limit the state’s licenses to only 33, which is a big surprise for a lot of operators. The Division of Gaming has confirmed that over 60 license applications are waiting for approval.
To figure out who will get a license, the CLGCC is doing its best to narrow things down and make the application process more organized. They have divided on three classifications for approvals so that the state will have a better idea of who to give the licenses to.
For example, casinos will need a master sports betting license to accept sports bets. Brick-and-mortar partners will be getting sports betting operator licenses. Finally, online bettors will need internet sports betting licenses. Breaking down the license applications, there are 32 master licenses, 10 for operator licenses, and 18 for internet licenses.
The main reason for the flood of applications in because of the buzz surrounding the city of Denver. The city has teams in all four of the major US professional sports leagues. This means a large number of fans will want to support them, especially in their home state. The city is also positioning itself to be a major sports betting hub, similar to Nevada. This has drawn many of the top sportsbook operators in the country who are eager to grab a piece of the pie.
Some Spots Already Taken
Though there are 33 licenses available, seven master licenses have already been issued. These were announced back on February 20 and another handful might be approved in the coming March 19 meeting of the CLGCC.
The casinos that have approval include the Double Eagle Hotel & Casino, the Brass Ass Casino, J.P. McGill’s Hotel & Casino and Midnight Rose Hotel & Casino in Cripple Creek. Two casinos in Black Hawk received approval and they the Saratoga Casino and the Monarch Casino Resort Spa. Finally, Dostal Alley in Central City received approval.