Colorado Gambling News Digest
Here is the latest news and updates about Colorado’s gambling scene. After the legalization of online sports betting and casinos from May 2020, the online gambling market in CO has been vibrant and active. This is a news digest compilation of all the exciting things that took place in the Centennial State over the past few days. Read it to keep yourself properly updated.
Colorado Passes Amendment 77 and Finally Does Away With All Forms of State-Issued Betting Limits
There is some very exciting news for regular patrons of legalized sports betting and casino betting in the state of Colorado. Just last week, the Colorado State House introduced and passed Amendment 77 – which allows individual casinos to set their own betting limits. Instead of restrictive limits passed by the state, Colorado’s casinos are now going to set their own betting limits. This will be applicable in all the major casinos in the state.
Voters in Colorado approved of Amendment 77 back in November 2020, and the decision was also ratified by voters from Black Hawk, Central City and Cripple Creek. Since these 3 cities have the largest casinos in the state, the city councils of these cities also gave their assent to this momentous decision. The Amendment also introduced and legalized a whole new set of games which will now be available to players in these 3 flagship casinos.
However, Colorado players cannot expect the betting limits to disappear completely. Experts say that casinos will set the limits at $500 and $1,000 per wager. However, the casinos might allow wagers worth $2,500 for regular players and high rollers. Casino managers at Colorado Grande Casino in Cripple Creek agreed with these estimates – however, the situation may change later. This announcement is going to initiate a wave of investment in Colorado’s hospitality industry.
These high limits will be applied to all of the casinos in the state from May 1 2021 onwards. The higher betting limits will be available for a whole host of games – ranging from table games like baccarat and roulette to popular favourites such as slot machines. This is the kind of sustainable decision that is going to rejuvenate the struggling gambling industry of Colorado – which has been hit hard due to the COVID-19 pandemic.
The Colorado Online Sports Betting Market Makes Impressive Recovery – Generates $300 Million Worth of Wagers
In February, the online sports betting market of Colorado generated only $266.5 million worth of wagers. Despite being astronomical, this was a low amount compared to the previous months since the legalization of online sports betting. However, the industry was able to make a quick and impressive return in the very next month. In March, the Colorado online sports betting industry managed to generate wagers that were worth more than $300 million in total.
Over the course of March, the state managed to generate more than $1 million in tax revenue, which is a very good sign for the economic recovery of the state. Ever since Colorado legalized sports betting in May 2020, the state has managed to make more than $6 million in revenue. According to statistics and figures released by the Colorado Gaming Commission, the gambling market in the state is going strong and growing quite robustly.
Dan Hartman, the Director of Colorado’s Division of Gaming said that the large totals posted in the past few months are indicative of a grand success. The citizens of the Centennial State have welcomed this new form of entertainment, and have gone on to make very large and impressive wagers. Hartman also mentioned that the revenue received by the state is going to increase when regular sports programmes such as the NFL season is resumed.
According to analysts from the Division of Gaming, basketball wagers were the most popular and managed to rack up more than a third of the total amount. This can be owed to the March Madness period, which is one of the most popular periods of gaming activity. According to PlayColorado analyst Ian St. Clair, the state of Colorado is one of the biggest success stories in the world of US and sports betting in general.
Colorado MLB Team Colorado Rockies Reveal Exciting New Partnership With US Sports Betting Giant Draftkings
The Colorado Rockies are the beloved MLB team representing the Centennial State in the national baseball league, and they have announced that they are going to be teaming up with DraftKings. DraftKings is one of the largest sports betting operators in the state and the Rockies are just one of the latest sports teams choosing to join forces with them. DraftKings has been signed up as the official fantasy sports partner of the Colorado Rockies.
The Rockies announced on 29 April that DraftKings will be able to use branding opportunities inside the Coors Stadium. They’ll also be able to use the Rockies team logo, mascots, etc. in their marketing and branding material. Matt Kalish, the President of DraftKings North America announced that the company is very excited to make their entry into the Colorado market. When it comes to the latest Colorado sports betting news, this is a major contender.
That’s not all – according to a recent press release jointly made by the Rockies and DraftKings. Apparently, the two are also planning to collaborate and create a digital content series called ‘The Sweat’, which is going to feature Rockies’ players. A whole line of content has been planned – such as podcasts, YouTube releases, live telecasts and OTT shows. This is an exciting next step for the team, who has been on great terms with DraftKings.
According to Walter Monfort, the VP of Corporate Partnerships at the Colorado Rockies, this is an enhancement of the relationship that already exists between the two entities. Expanding into the world of fantasy sports and online sports betting is going to be a great decision. DK is also an industry leader in the world of sports betting and online gambling – which means that the Rockies will stand to benefit greatly from this newly minted partnership.
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