More than 50 firms expressed their interest in getting Colorado sports betting licenses. Officials said that sportsbooks could begin preparations for a potential launch in May. The Colorado Limited Gambling Control Commission finalized the sports betting regulations last January 18. It marked the start of the accelerated application process.
The regulator will start approving licenses as early as February. That will allow potential sports betting operators to prepare for their launch in May. Also, the regulator plans to issues around 33 licenses for both retail and online sportsbooks.
The Gaming Enforcement Division of the Department of Revenue told the best bookie pay per head that casinos in the state are behind most of the applications. Ten submissions came from operators wanting to start a retail sportsbook. 13 applicants want to open an online sportsbook. However, the agency didn’t disclose the names of the applicants.
Colorado Sports Betting Licenses
According to pay per head bookie companies, legal sports betting starts on May 1 in Colorado. To apply for a license, one needs to pay an application deposit of $10,000. The gaming commission can provide temporary permits while waiting for approval. The maximum amount for the licensing fee is $125,000. Also, licenses are valid for two years.
In November 2019, Proposition DD got the support of the voters by a small margin. It allowed the legalization of sports betting in Colorado. That means sports fans from Douglas Carara Costa Rica can go to Colorado to place their wagers on games. Sportsbooks will pay a tax rate of ten percent on their revenues.
Most of the sports betting tax revenue will go towards improving water infrastructure in Colorado. Once the industry matures, Colorado State government will receive around $29 million in taxes from wagers annually. Now is the right time to become a bookie in Colorado.