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The upcoming launch of legal sports betting in Colorado is much anticipated.
Not just for all the sports fans among the state’s 6 million residents. But the US sports betting industry as a whole. That’s because there’s every chance the market could rival the best performing market so far: New Jersey.
Here’s why all eyes will be on the Centennial State from May 1.
What the Colorado sports betting market will look like
Like New Jersey, Colorado will be geared towards mobile betting. Remote registration will enable bettors in Colorado to sign-up from a mobile device and bet freely anywhere within state lines. No visits to brick and mortar establishments are required.
It’s a given (now) household sportsbook operators such as FanDuel and DraftKings will be online sports betting options in CO. But the market will also see gambling operators from Nevada spread its wings outside of the NV market for the first time.
Such companies are perhaps unfamiliar to the casual bettor but remain a go-to for pro bettors in search of the bigger limits offered. Circa Sports is one one such brand that has gained a Colorado license and will launch a mobile sports betting app.
How will Colorado differ from New Jersey?
Ultimately, the market will be a level playing field for all gambling operators. For the first time too, there will be a market that considers the need for every type of bettor..
While online sports betting markets in New Jersey, Pennsylvania, West Virginia and Indiana serve a recreational audience - and do so well - there is a large proportion of bettors still not provided for. For the latter, low hold, high limit sportsbooks are favored but largely restricted to Nevada.
As proven by the limitations of monopolized states (those with lottery run sportsbooks like Oregon, New Hampshire) and the success of open markets like New Jersey, the more operators that are competing and seeking new innovative ways to attract customers is essential - a prosperous market is dependent on healthy competition.
Like the list of online sports betting sites in New Jersey, which exceeds that of any other US market and continues to grow in strength and popularity, Colorado sports betting will be similar.
But there’s the potential for that list to be dwarfed. Any of the state’s 33 land-based casinos can apply for a license and offer mobile betting. And if all goes according to plan, Colorado will be home to the deepest, most diverse set of online betting options in the US.
Can Colorado sports betting really rival New Jersey?
Any legal gambling framework put forward in the US needs to strike the balance between the needs of operators, bettors, and also consider the best way of combating the black market. The general consensus is the CO sports betting model fulfills those objectives.
Whether the market outperforms New Jersey in sports betting revenue can only really be addressed down the line. What’s more it’s the first of its kind and goes against the grain in terms of models introduced so far, making it more difficult to predict.
But the ingredients are there and potential, very strong. And in what is essentially the fusing together of the two most successful US gambling models (Nevada and New Jersey), CO sports betting will certainly pack a punch and may just set a precedent for future states going forward.
