English French German Italian Portuguese Russian Spanish

Colorado Set to Cash in on Betting Boom

The opening of the first sportsbooks in Colorado at the start of May was a hugely exciting development for punters in the state.

More than $63 million was wagered in the first two months, with June showing a near 49% increase over the total generated during May.

With major sports such as ice hockey and basketball scheduled to resume over the coming weeks, those figures are certain to keep rising.

Read on as we take a closer look at some of the latest developments that could have a major impact on gambling revenues in Colorado.

Local Citizens Pushing for Raise in Limits

While legal online sportsbooks in Colorado are now up-and-running, the industry still faces challenges if it is to match the successes seen in states such as New Jersey and Pennsylvania.

One of the biggest issues is the Colorado law that limits bets to $100 per spin, hand or play of a table game – the lowest of any cap imposed in the United States.

However, supporters of a ballot initiative that could eliminate betting limits at Colorado casinos have turned in more than 210,000 signatures to the Secretary of State’s Office.

That should be enough to trigger a public vote which is expected to be staged towards the back end of the year.

dMY Acquire Rush Street

Rush Street Interactive LP is set to be acquired and taken public by Las Vegas-based firm dMY Technology Group Inc in a deal that values the company at $1.78 billion.

Founded in 2012, Rush Street was initially a major player in online casinos in the US, before adding sports betting services into the mix.

It was the first online gaming company to launch legal and regulated online sports wagering in Pennsylvania, Indiana, Colorado and Illinois.

Rush Street is expected to expand into other US markets once the deal is finalised, with $230 million set aside to establish new online casino and sports betting services.

Cripple Creek Casinos on the Rise

Woody’s Sports Bar & Grill in the Wildwood Casino has undergone a major makeover and now houses the first-ever sportsbook operation in Cripple Creek.

The venue will continue as a restaurant, but customers will also be able to place bets through a new online sports wagering platform.

Owners have invested significant resources into installing 13 big screen televisions, allowing customers to watch the progress of their bets in real-time.

Other casinos are anticipating a spike in revenues off the back of the refurbishment, which is expected to attract more footfall in the region.

New Monarch Casino & Resort on Target

Construction of Monarch’s revamped casino and resort in Colorado is progressing well and is on target to be finished by the end of the year.

Monarch is spending $300 million to enhance the Centennial State property and create a venue to be proud of in the city of Black Hawk.

The expansion should put the company in a great position to take advantage of the ongoing gambling boom in the US.

Monarch has already launched a sports betting app in Colorado and experts believe they should be able to grab a fair share of the market over the coming months.