Colorado online sports betting is officially live. The Colorado Division of Gaming approved four operators to launch their online sportsbooks in the state today.
This, of course, comes at a time when there are no major professional sports being played. But Colorado officials set a date of May 1 and were determined to meet it.
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The lack of sports doesn’t mean bettors can’t get in on the action, however. Sportsbook apps in Colorado are offering odds on events ranging from ping pong to Turkish soccer. More notably, Colorado sports fans can place a futures bet on, say, the Broncos to win the Super Bowl.
Four Sportsbooks Live at Launch
The four online sportsbooks available to players in Colorado today are:
- DraftKings Sportsbook
- FanDuel Sportsbook
- BetRivers
- betMGM
With an only 10% tax on revenue in Colorado, sports betting operators are eager to acquire new players in the market. Other states, such as Pennsylvania, charge an upwards of 36% tax rate on online sports betting revenue.
The favorable tax environment could mean better margins for operators, who will be in competition for players. The bettor could benefit from aggressive signup bonuses and other offers.
“What we’ve seen in states with favorable tax rates is over-the-top signup bonuses to entice new players to try out an app,” said Jason Ziernicki, founder of BetNewJersey.com, which tracks online gaming in the bellwether market in the industry. “Colorado online gamblers are in for a treat as sportsbook operators compete with each other to win over their favor.”
Indeed.
Our of the gate, DraftKings is offering new sportsbook customers in Colorado up to $1,000 in signup bonuses. This takes the form of a $500 risk-free bet and then an up to $500 deposit match, which bettors can get when they sign up here.
Meanwhile, FanDuel Sportsbook is offering the $500 risk-free bet portion. BetRivers is offering a deposit match of $250.
Colorado Betting Market Set For Explosive Growth
With 17 casinos set to offer online sports betting, either through their own brand or a sportsbook partner, Colorado is set for explosive growth in online betting.
Notably, Colorado is not only expected to offer other popular online sportsbooks, such as FOX Bet and William Hill, but also popular Las Vegas brands like Circa Sports and Superbook.
This will mark the first market outside of Las Vegas for the latter.
And then there’s Barstool Sportsbook.
The massive online sports brand was recently acquired by Penn National Gaming. They have an operating license in Colorado and look to bring Barstool Sportsbook to the state sometime in Q3.
All of this means that the state’s aggressiveness and speed to launch online sports betting may prove very fruitful come September, provided the NFL season goes off as scheduled.