Future Colorado Sportsbooks Receive License Approval From The State

by | Feb 21, 2020 12:39 pm | Regulatory | 0 comments

Future Colorado Sportsbooks Receive License Approval From The State

Three casinos in Cripple Creek, CO have been approved for sports betting.

  • Seven Colorado casinos had their sports betting license applications approved.
  • Sports betting cannot launch in Colorado until May 1.
  • The upcoming sportsbooks will likely launch mobile and retail sportsbooks at the same time.

Denver – On Thursday, seven Colorado casinos were awarded their sports betting licenses by the Colorado Limited Gaming Control Commission (CLGCC). The CLGCC also approved the rules and regulations for sports betting on Thursday as well.

Nearly all casinos in Colorado want a piece of the sports betting action. There were 50 applications sent to the CLGCC to operate a sportsbook in the state. Now we know that seven of these applications have gained approval.

Here are the approved casinos who now have a sports betting license:

  • Monarch Casino, Black Hawk
  • Saratoga Casino, Black Hawk
  • Brass Ass Casino, Cripple Creek
  • Dostal Alley, Central City
  • Double Eagle, Cripple Creek
  • JP McGills, Cripple Creek
  • Midnight Rose, Cripple Creek

At the moment, it is only the casinos themselves that have gained sports betting licenses. The sportsbook operators themselves still do not have a Colorado sports betting license.

This means companies such as PointsBet and Betfred still need approval before they can open their sportsbooks.

Preparing For Launch

There is a lot these casinos and sportsbook operators need to do to have a successful sportsbook launch. One of the key items is advertising. During the first year, casinos will aggressively advertise their new sportsbooks. But that could prove to be costly.

“They’ll be looking at it as a land grab,” said David Farahi, chief operating officer of Monarch Casino and Resort in Black Hawk. “I’d be willing to wager that most sportsbook operators in Colorado will not turn a profit in the first year because they’re spending so much on advertising.”

Depending on how prepared casinos are, sports betting could potentially receive a statewide launch. Colorado sports betting law allows for mobile and online sports betting.

But it will be a few more months until sportsbooks can open. Sportsbooks cannot open in Colorado until May 1. That means Colorado bettors will not get the chance to bet on college basketball’s biggest tournament, March Madness.

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