Denver7 | Sports


Colorado's fertile betting landscape creates $100+ million industry

Posted at 1:11 PM, Oct 02, 2020
and last updated 2020-10-02 15:39:23-04

In the month of August, Colorado saw just shy of $130 million in accepted wagers on sporting events – that’s a 117-percent increase from July.

And that’s mostly without football.

“The sky’s the limit not just in Colorado but in the country,” says the lead writer for Ian St. Clair. “You have the potential to have a multi-billion-dollar industry.”

In the world of sports gambling Colorado is pretty close to Nirvana. Ravenous fanbases, relatively well-run organizations with good teams, and cell phones.

“That’s another one of the huge reasons that this market is so attractive to so many sports books, that you can sign up from your couch,” says St. Clair. “In Vegas you actually have to go to the brick and mortar casino to register for the app. It takes 5 minutes to get registered and get money into your account and start placing wagers.”

While Colorado’s fertile ground is great for businesses, it also attracts eyeballs.

“One thing that’s been really surprising to me is the amount of European companies launching in the United States through Colorado for the first time,” says St. Clair.

Sites like that is run by the Carousel Group out of Spain – they’re making their debut right here in Colorado. Or Play Up, an Australian based company that’s doing the same thing.

“You’re going to see a lot of competition, and I think in an industry like sports betting the cream will rise to the top to use a cliché,” says St. Clair.

The battle for betting in Colorado is two-fold: one side is competition, the other is legitimacy.

“Once people start to realize how heavily regulated it is, that it isn’t the dark alley where if you don’t pay up the bookie may bust your kneecaps,” says St. Clair. “It’s another form of entertainment, it’s another way to take in the game and appreciate the game while you watch it.”

As it relates to placing bets, the best advice a gambling expert can give you is to go with your gut but play responsibly.

“I have to preach responsibility, do it in a responsible manner, have a limit in mind.”