The very first Ultimate Fighting Championship event was held in the Centennial State of Colorado, so it should only make sense that the state would follow its peers and get in on mixed martial arts betting action.
The November 12, 1993, UFC 1 fight card was held at the McNichols Sports Arena in Denver, launching what would become one of the fastest rising sports in MMA, and eventually lead to the biggest sale in the history of sports when the UFC was eventually sold for 4.2 billion more than 20 years later.
Good news for those of you living in the Rocky Mountain area as MMA Betting in Colorado will launch on May 1, 2020. Gambler can bet on sports at licensed Colorado casinos and via web-based or mobile apps.
Colorado voters legalized sports wagering in November 2019 with the passage of Proposition DD. Of the approximately 1.3 million votes, Proposition DD narrowly passed by about 20,000 votes (50.8%).
The Colorado law allows bets on almost any sporting event except high school sports, proposition bets on college games and e-sports that are not sanctioned by a sports governing body. Motorsports are allowed.
The NFL, NBA, NHL, MLB games are the staple of modern US sports betting. All sports betting casinos and operators will offer these. Soccer, including the big international competitions, golf, boxing, mixed martial arts, and tennis are also popular, but each operator will produce their own list of sports.
As part of the new sports betting law, there are three types of licenses that can be obtained. There are 33 casinos located in Colorado and each one is eligible to apply for a master license. Approved casinos can then partner up with sportsbook operators for land-based and/or online sportsbooks. Casinos can either partner with the same operator for both or two separate operators. The other two types of licenses are sports betting operator license and internet sports betting operator license. These are the types of licenses that must be obtained by those looking to partner with casinos who have obtained a master’s license.
Draftkings Sportsbook Colorado will be one of the sportsbooks available along with FanDuel Sportsbook and Pointsbet.
There is no upper limit to bet sizes. Casinos are free to set their own bet limits. This goes against the grain of the history of Colorado gambling, so for those of you saving up your pennies, this may be your opportunity to turn a profit.
The state of Colorado will collect a tax of 10% on the net proceeds of sports betting activity to fund implementation of the state water plan and other public purposes. Of the total amount of tax collected, after first repaying the general fund appropriation for start-up and initial operating costs, 6% is set aside annually to compensate the beneficiaries of revenues generated by limited gaming and other wagering activities for any losses attributable to competition from sports betting.
In December 2019, the Wall Street Journal reported that “Atlantic City casinos and their online partners generated $433 million from such virtual games through November this year and could reach as high as $460 million by the end of the year, according to figures from the New Jersey Division of Gaming Enforcement and analysts’ projections.”
If these figures hold true, great things are about to happen in Colorado with this new legislation that has passed.
When this coronavirus pandemic ends and the world returns to normal, businesses are going to boom. People are going to want to get out and spend, sports are going to return, and fans are going to flock to support their favorite teams.
UFC President Dana White insists that his promotion will be the first to get back to action once the current ban on sports is lifted. What do you think fight fans? Would you bet on that?