The state of Colorado is preparing for the launch of its sports betting market on May 1. However, this launch comes at a time when most sporting events have been canceled and casinos remain closed.

The launch will happen on time

Despite the lack of sports to bet on, Colorado will launch its sports betting market online. However, the event would be entirely different from what the state expected. If things went smoothly, the 146^th Kentucky Derby would have become the first event to be bet on in the state. It would also have taken wagers for Major League Baseball, National Hockey League, and National Basketball Association.

The Coronavirus pandemic has sidelined most international major events indefinitely and has shut down all casinos as well. There is no certainty on when sports will return or when casinos will reopen. But the Colorado Division of Gaming doesn’t want to wait for things to get normal before a launch. With a May 1 launch, bettors will get an opportunity to wager on a limited number of sports available right now. The state will have over a dozen mobile and online betting options going live.

Director of the Division of Gaming, Dan Hartman commented on the move and said,

“Even though it will be a slow time for sports, we are still planning on May 1. We’re really hoping to get through this and see the resurgence of the industry.”

Colorado could have a highly successful betting market

According to estimates, the state will be able to generate about $6 billion in annual wagers with an estimated $400 million in revenue. PlayColorado.com chief analyst Dustin Gouker shared these numbers. With a 10% tax on revenue, the state is expected to bring in an additional $40 million to its coffers each year, which could be used for public projects like the Colorado Water Plan.

Gouker noted that this could happen if the state’s market matures in the next four of five years. Its momentum will be significantly slowed down because of the pandemic. However, he emphasizes that the state could become a sport betting success story because of its regulatory framework and business-friendly taxes.