Sports Betting Emerging as Huge Industry

Sports betting is become a major industry, so don’t underestimate the dollars generated from this form of gambling

This activity, available mostly through apps setup by Colorado casinos, allows Coloradoans to place wagers on a spree of professional games  and a laundry list of athletic contests. Voters gave sports betting at local casinos the go-ahead in state and local elections in 2019.  Last year,  marked the inaugural year for sports betting activities.

The importance of sports betting as a huge dynamic in the state’s economy was stressed last week by Teller County Assessor Colt Simmons, who is attending a special conference at the state capitol regarding this issue. The assessor noted that this is now a $3 billion  dollar industry and is expected to eventually hit the $10 billion mark.

This trend could become even more pronounced, as professional sports hits  a familiar stride as the pandemic reaches  a possible closure later this year, or gets under control. 2020 was somewhat of  down year for major sports activities.

This hasn’t stopped the volume of bets.

With the arrival of sports betting at casinos, Simmons indicated that officials want to make sure the correct property assessment occurs for Colorado gaming establishments. But he wants to get many questions regarding sports betting addressed, such as  the impacts for Teller County and the gaming industry.

Most casinos have contracted out with sports betting companies to handle these wagers.  The statistics, though, regarding sports betting have topped preliminary estimates.