The state of Colorado is gearing up for legalized sports betting and recently, gave some freshly defined regulations. At the present time, the earliest that the Centennial State can launch legalized sports wagering is May 1.
On Feb. 20, the Colorado Limited Gaming Control Commission met to discuss more sports wagering rules and regulations. In addition, they approved seven betting licenses. On May 1, casinos in Cripple Creek, Black Hawk, and Central City are eligible to accept sports betting wagers or through online and mobile apps through these licensed casinos.
Finally, the commission established more clarity regarding guidelines for proposition wagers.
First seven sports betting licensees in Colorado
Here is a look at the first batch of casinos with Colorado sports betting licenses:
- Brass Ass Casino
- Dostal Alley
- Double Eagle Hotel and Casino
- JP McGil’s Hotel & Casino
- Midnight Rose Hotel & Casino
- Monarch Casino
- Saratoga Casino Black Hawk
What are prop bets?
Before diving into the specifics of Colorado prop bets, let’s take a closer look at what exactly a proposition bet is. The Colorado Division of Gaming defines proposition or prop bets as “a bet regarding the occurrence or non-occurrence of a certain outcome during an event that does not directly reflect the event’s final outcome.”
Some examples of prop bets include:
- Which team is the first to score in any given match
- In football, what type of score the first points will come from: touchdown, field goal or safety
- The color Gatorade dumped on the winning team’s coach
Mos casinos traditionally cap prop bet amounts because of insider knowledge or spot-fixing.
Colorado requires master “catalog” of sports betting props
To begin with, according to the Gaming Enforcement Division from the state’s Department of Revenue, a “catalog” or list with eligible bets will be created and then continuously updated then, distributed to licensed sportsbooks and casinos.
According to the director of Colorado’s Gaming Enforcement Division, Dan Hartman, if licensed casino or sportsbooks want to add prop bets not available on the list, they need to apply to offer it. Hartman who spoke to The Denver Post clarified that applications need at least a 72 hour turnaround period prior to offering the prop bet to the public.
Some contention to prop betting catalog but ultimately approved
An attorney for several casinos, Mark Grueskin, contends that a catalog is “unmanageable” with its thousands of potential sports betting props.
“This could be an extraordinarily long, changing day-by-day kind of list. I know that the approved list is going to be a challenge.”
While the commission did take his point into consideration by debating the creation of a list of prohibited sports bets instead, it ultimately chose the master catalog.
Lastly, prop bets will not be allowed on collegiate or high school sports.