Introduction to Sports Betting in Colorado
In Colorado, sports betting has been legal since May 2020. In 2019, following the approval by Colorado voters, Governor Jared Polis signed House Bill 1327 into law. The new legislation set out clear guidelines for how sports betting would function in the state:
- Sportsbooks must obtain a state license and must be partnered with existing casinos.
- Betting is permitted both online and in-person at physical sportsbooks.
- Colorado sportsbooks are subject to a 10% tax rate.
These steps collectively ensured that sports betting in Colorado was not only legalized but also regulated and taxed effectively.
Just as things were getting started in 2020, Colorado's sports betting industry encountered several significant hurdles. Firstly, the COVID-19 pandemic led to restrictions and limited the operation of retail betting venues. This in turn, propelled the online betting sector which experienced robust growth. By the end of the year, 15 online sportsbooks had successfully launched.
- 2021 - sports betting in Colorado skyrocketed. The number of active online sportsbooks nearly doubled to 26. This surge in activity contributed to impressive financial milestones. By December, the total legal sports bets placed in the state surpassed $5 billion, showcasing remarkable progress in just 20 months.
- 2022 - number of sportsbooks operating in Colorado saw some changes. Both MaximBet and theScore Bet decided to discontinue their services within the state, leading to a decrease in the overall count of sportsbooks available to Colorado bettors.
- 2023 - Sky Ute Sportsbook and Maverick Sports exited the market, reducing the number of active sportsbooks. Betfred absorbed Elite Sportsbook, Bally Bet paused operations, and Fanatics took over PointsBet, altering the competitive dynamics in Colorado. The state set a new record for sports betting, with the betting handle reaching an impressive $716.4 million.
Best CO Sports Betting Sites in May 2024
Several online sportsbooks have emerged as top choices for Colorado bettors. These platforms offer a range of betting options across various sports, supported by robust security measures and responsible gambling tools.
What real Colorado sports bettors say about the top sports betting apps in Colorado
Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG.org, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, RG.org prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG.org as a leading source of information in the gambling industry.
Experience:
- Over 20 years in writing and editing across multiple industries
- Former head of regional innovation at BMO Finanacial Group
- Senior Writer, Online Casino Reports