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Colorado’s voters approved the legalization of sports betting in November of 2019 for both land-based and digital gaming. This became official on May 1. The Coronavirus continues to cripple the gaming community, but Virginia has also continued to push for legalizing sports betting in the Old Dominion State. While Colorado has gone live, it may take some time for Virginia to join in live-action. They are working out sports betting regulations, and are set to be released by July 2020.
Colorado Overcomes Coronavirus Obstacles
The Colorado Limited Gaming Control Commission (CLGCC) was successful in overcoming several obstacles over the past few weeks, including the restrictions of social distancing due to the COVID-19 pandemic.
Although practically every sport entity has been suspended due to the pandemic, Colorado continued to keep its focus on pushing for its May 1 launch with help and preparation with the CLGCC.
Sports bettors in the state are extremely happy about the approval of digital wagering; especially due to the temporary closing of land-based locations remain closed.
BetRivers and BetMGM (property of ROAR Digital) were the first brands to launch in Colorado, followed by FanDuel and DraftKings. Both FanDuel and DraftKings partnered with Twin River Worldwide Holdings, the owner of the Mardi Gras, Golden Gates, and Golden Gulch casinos in Blackhawk.
Virginia Following Colorado’s Footsteps
Virginia operators have one major complaint with the asking prices from the legal side of the potential agreement. Governor Ralph Northam is proposing sportsbooks will be required to pay an additional $50,000 to cover background check costs.
According to Northam’s bill, sportsbooks will have to pay $250,000 for a three license in addition to a 15% revenue tax from the state. The license will grant allowance for the operations of online wagering.
In addition to online betting, the proposed bills will also allow legal casinos in the state of Virginia to get a sports betting license. There are currently five in the state and the current maximum allotted twelve licenses leave only seven up for grabs. The exception to the maximum would be a license for sports teams or race tracks.
If Virginia’s overall strategy continues as planned, they could very well be on a successful course just like Colorado. We strongly expect Virginia to join the surge of land-based and online sports betting by the end of 2020.