Discussions about Online Casinos in Colorado Arise
Online casinos in Colorado are now being discussed. Colorado Department of Revenue's Executive Director, Mark Ferrandino, revealed that conversations have begun.
Ferrandino noted to a crowd at the National Conference of State Legislatures in Denver that "discussions are underway about legalizing online casino gaming in the state."
Colorado might join the growing list of states offering iGaming as a way to grab their slice of the pie. In fact, last month, Rhode Island became the seventh state in the U.S. to offer online gambling. The first six states reported earnings exceeding $500 million in May 2023.
Although Colorado's law doesn't allow online casino gambling, it does allow regulated online sports betting. In the three years since online sports betting legally commenced on May 1, 2020, Colorado recorded a staggering $409 million in cumulative sports betting proceeds. This considerable sum could be spurring talks to extend their online gaming market.
While talks have started, completing the process might not be smooth sailing. The Colorado State Legislature would need to enact online casino legislation, which the governor would then have to sign. Later, it would go to the voters for endorsement. Following that, retail casinos could request licenses and partner with online operators.
Colorado's Gambling Profile
Besides online sports betting, Colorado also permits daily fantasy sports and pari-mutuel wagering. With 20 sportsbooks available, Colorado trails only behind New Jersey, with 22.
Colorado boasts one of the US's lowest sports betting taxes, set at 10%. This is significantly lower than larger gambling states like New York (51%), Pennsylvania (36%), and Illinois (15%). The tax covers both mobile sportsbooks and retail operators.
Operating a sportsbook is costly, and some have shuttered in Colorado. However, discussions on expanding online gaming options have rekindled interest and investment. Barstool Sportsbook's parent company, PENN Entertainment, recently unveiled a substantial redesign. This upgrade became operational in all 16 US jurisdictions where Barstool Sportsbook is active, including in Colorado.
"We're thrilled to migrate onto our proprietary technology platform and introduce a fully upgraded Barstool Sportsbook," stated Jay Snowden, CEO and president of PENN Entertainment.
Moreover, proponents of online gambling expansion highlight that there are over 30 retail casinos in Colorado. This suggests plenty of licenses to grant and robust interest in obtaining one.
Readying for the Online Push
The prospect of online casinos has operators bracing for the launch. Capturing the market early could translate into a much greater share of profits.
Adam Noble, co-founder and Chief Business Development Officer at PlayStar, previously stressed the value of planning. "We're prepared to offer players in the US an alluring online casino experience by partnering with GF Gaming in Colorado," Noble said.
Colorado's sports betting figures have advocates of online gambling expansion drawing parallels. Some believe Colorado could generate revenue similar to New Jersey ($156 million in May) or Michigan ($156 million in May) if and when online casinos are permitted in the state.
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Source: www.casino.org
