The Covid-19 outbreak has slowed down the economy as well as many lower level government bodies. The State of Colorado is not deterred, however, and plans to have legal sports betting by May 1st.
Many in the sports betting industry think that the virus may peak well before the planned start of football season which also happens to be the most profitable time of years for sportsbooks.
Sports betting is not like casino games where the odds are stacked against the player, ensuring a large house advantage. Money made by sportsbooks is done by charging the fees associated with taking the bet. In most cases this is a 10% vig (usually paid by the loser). Sometimes, sportsbooks can win (and lose) much more than just the 10% amount. If they are not running a “balanced book” they can run into a deficit. However, it is generally accepted that if a sportsbook has the deep pockets it needs to operate then it will outlast any winning sports bettor(s).
The State of Colorado has been working on legalizing sports betting for some time and word is that they have already issued some licenses. One of the only states to have fully legalized recreational marijuana, Colorado is poised to open its community to virtually unlimited sports betting options, directly competing with regional neighbor Nevada.