Confusion in Colorado Regarding May 1st Sports Betting
The standstill of practically every sporting event for the foreseeable future is confusing Colorado residents regarding its legal introduction on May 1st. In addition of the lack of live gaming, the community is also dealing with the reality of the absence of land-based locations due to COVID-19.
Once Colorado sports betting became approved, expectations were to have the market up and running on May 1, 2020. Coronavirus had a different plan in mind for the sports betting community.
Meetings Continue Online, Following Social Distancing Restrictions
The Colorado Limited Gaming Control Commission (LGCC) continues to make strides to initiate the sports betting introduction to the state’s residents. They have continued their meetings online, continuing to evaluate license applications. Their ultimate goal is to have sports betting ready to be up and running by May 1.
The LGCC Speaks to the Colorado Public
A spokesperson for the LGCC reached out to the public, explaining it is their responsibility and goal to ensure Colorado will have all regulations and licensees approved by May 1st. The question lies on whether the newly licensed operators are compelled to begin taking these new legalized sports bets right away.
By May 1, the commission will have all rules and regulations related to sports betting finalized. All qualified licensees and all other requirements will be approved for sports betting in the Centennial State.
Online Platforms Expected to Grow into Colorado
DraftKings sportsbook is the first to receive a temporary betting license, gaining approval in early March. The LGCC expects to approve up to 33 locations for land-based and online platforms for sports betting. Once wagering is officially up and running, Colorado expects to have a rapid financial explosion with their mobile sports betting market.
The following are the other major platforms looking to expand their services to the state:
- PointsBet - This sportsbook has already moved to open a headquarters at this time.
- Circa Sports - A retail sportsbook based in Nevada.
- BetWay - Heavy experience in Europe with a large variety of markets
- FanDuel - Quickly expanding from being known as a fantasy platform with their online sportsbook.
The commission has another meeting Tuesday (April 2) in regard to ‘Special Sports Betting Licenses Action.’ Nothing has officially been released to the media of their intended agenda. They will also have an additional monthly scheduled meeting on April 16.
Although nothing is known for certain, it is expected these meetings will have a major focus on their plans of resuming business amidst the COVID-19 pandemic. The unknown length of both quarantine and lockdown periods placed by state and federal authorities are unfortunately beyond the control of the LGCC.
