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In November 2019, Colorado became one of the few states in the US that have legalized sports betting. However, as it stands now, the state’s lawmakers are still drawing up the regulations that will guide this. There are predictions by financial analysts that the state will earn huge revenue from the sports betting industry.

Sports Betting Industry in Colorado

All states in the United States have been given the authority to make their own sports betting laws since May 2018. But it was in November 2019 that Colorado finally approved it, and now, there are reports that the state is looking to earn billions of revenue from the sports betting sector every year.

Currently, the sports industry in the United States is completely shut down. Over on the other side of the pond, online casinos and UK mobile casino sites have seen huge growths in light of recent world events. However, predictions made by analysts about the trajectory that the sports betting industry in Colorado will take would be our topic of discussion today.

The Route to the Legalization of Sports Betting In Colorado

The only state that had the right to offer sports betting in the entire country before the removal of the PASPA by the Supreme Court was Nevada. Lawmakers in other states had a very hard time arguing that they also have the right to be allowed to earn revenues through this industry. But by May 2018, sports betting was already legal in 22 states.

Colorado will soon approve land-based and online sports betting firms that are backed by law.

It was at that time that Colorado state officials delved deep into the sports betting industry laws. There is a very fanatical sports fan base in the state, so most of the state politicians started talking about using this opportunity to regulate sports betting in the state.

In the middle of 2019, the house approved a bill on the regulation of sports betting. The bill was later voted by the public where it scaled through just by a very tiny margin. So, we can now say that in the state of Colorado, people can technically enjoy sports betting legally.

However, the state has no state owned or regulated sport betting options yet. The lawmakers are still considering particular laws to make about the sector, in the bid to ensure that they get their hands on the highest possible revenue, while the issue of problem gambling is avoided to the barest minimum.

Colorado will soon approve land-based and online sports betting firms that are backed by law. The projection about possible earnings from the industry by the state is huge. Currently, there are studies that are throwing light to what the state should be looking at as revenue from the sector in a few years to come.

Analysts Predict the Revenue That the State Would Earn From Sports Betting

There are lots of professional sports teams in the state of Colorado. Because of that, many people in the state enjoy wagering on sporting events of different types. In no time, the state will now have some revenue come to it from any of such sports bets.

From the look of things, the state will earn huge money from this. Analysts say that every year, up to $6 billion worth of sports bets will be placed in this state. However the United States sports industry must come back on track before this would be possible.

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None of the major sports leagues in the country is on for now. Here, we are talking about the MLB, NHL and NFL, and no one knows when these will get back to action. Large gatherings have been banned by the majority of states.

However, things will normalize in the long run. When that happens, the sports industry in Colorado will earn huge profits. The state is expected to see millions of dollars revenue in the future, with the 10% tax to the state as net revenue.

However, it is also good to know that not every single sport in the country suspended actions completely. The UFC, for instance, is planning a major event by the middle of April. They have announced the main event for the card.

Operations Will Be Resumed In the UFC by 18th April

We have posited that all major sports leagues in the country are not in action, and we expect most of them not to be till at least a month or two. But the UFC has its next show slated for April 18th.

The card under question was scheduled to happen in Brooklyn, and it was supposed to be a lightweight fight involving Tony Ferguson and Khabib Nurmagomedov. However, Khabib was pressured into quitting and the location changed.

Information from the UFC says he has been replaced by Justin Gaethje, and while they’ve picked a new location, they are not letting it out yet.

According to Dana White, the president of UFC, the show is scheduled for this month. But many people are skeptical about the possibility of this happening. But there are feelings that it may go on, and will give fans of MMA something to cheer them up.

Hopefully, it will be possible for all other sports leagues to become operational in no distant time. When this happens, the Colorado sports betting industry will profit from them.

If you are surprised at the amount that the state is predicted to earn from sports betting or have an idea when sporting activities will return to full scale, you can drop your comments below.

James Meadowcroft