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Colorado’S Sports Betting Industry Market Should Thrive When Games Are Back On

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Set to launch on May 1, Colorado could attract as much as $6 billion in sports bets annually, according to PlayColorado analysts

Colorado’s fledgling sports betting industry will eventually generate billions of dollars in bets annually, hundreds of millions in operator revenue, and tens of millions in tax revenue, according to estimates by PlayColorado.com, which researches and analyzes the state’s newly regulated sports betting market.

Despite the sports world being indefinitely shuttered in response to the COVID-19 pandemic, regulators are preparing for a May 1 launch of online and retail sports betting. When it does, Colorado will become the 18th state to have some form of legal sports betting. And the Centennial State has a bright future, capable at maturity of generating as much as $6 billion in sports bets annually, $400 million in gross operator revenue annually, and $40 million in annual tax revenue, according to PlayColorado projections.

“With a significant base of existing land-based casinos, a regulatory framework that will be attractive to operators, and one of the largest metropolitan markets in the country to draw from, Colorado is well-positioned to capitalize on sports betting,” said Dustin Gouker, chief analyst for PlayColorado.com. “But assuming the industry does launch on May 1, it will be doing so in unprecedented circumstances with almost no sports to wager on. There are some advantages to a forced soft opening, but it also means that it will be some time before we learn with confidence just how Colorado’s bettors will respond to legal sports betting.”

Colorado regulators have been deliberate in creating a regulatory framework for casinos, opting for a later start date to ensure that the state gets sports betting right. Its 10% tax on net revenue is comparable to some of the most successful sports betting markets. New Jersey, which is neck and neck with Nevada as the nation’s largest sports betting market, levies a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue. Indiana, the No. 4 sports betting market in the U.S., taxes sports betting at a 9.5% rate.

In addition, Colorado has avoided some of the pitfalls of earlier adopters, such as imposing maximum bet limits, a decision state regulators left to operators.

“Colorado legislators and regulators have made many smart, measured decisions based on input from casinos, operators, and bettors, and that has led to the adoption of an excellent collection of rules and restrictions,” Gouker said. “They have also had the undeniable benefit of seeing what has worked in other states. Colorado’s methodical approach might have been frustrating to bettors by slowing the launch, but there is plenty to be encouraged about. Sports betting operators have inked partnerships and regulators are listening to stakeholders. That will serve Colorado well.”

Until the COVID-19 pandemic subsides, bettors will largely have to wait to wager on anything other than futures on pro sports and a handful of international sports.

In other states, legal online casino and poker wagering has meant millions in additional revenue for operators and states, helping to bolster bottom lines during a difficult time in the gaming industry.

“There is no question that the revenue from online casinos and poker rooms has helped operators in states such as New Jersey and Pennsylvania weather the shutdowns of land-based casinos and essentially all sports,” Gouker said. “Coloradoans will likely someday decide if and when the time is right to legalize online casino wagering. In the meantime, it has put the right framework in place for its sports betting industry to thrive once sports are played again.”

For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/news.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Colorado’S Sports Betting Industry Market Should Thrive When Games Are Back On

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Experience Classic Slot Thrills this Christmas With BGaming’s Totally Hot

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Wrap up warm this festive season with some retro-inspired slot action

Popular iGaming content provider BGaming invites you to cosy up to the fire and hit spin with the release of Totally Hot. This dynamic new title combines classic slot elements with modern gameplay mechanics.

Taking into account its December launch, BGaming dressed up the game for the season: the action is brought to life with bold visuals and festive animations, with roaring hot flames filling the background and Christmas candy canes bordering the reels. Totally Hot will revert to its original version when the holiday season is over.

It is not only the game’s visuals that have been given a modern makeover. Totally Hot deploys a pay-both-ways payment mechanic across its 5×3 game grid, giving players the chance to win with matching combinations in both directions across the reels. Wins go from left-to-right, right-to-left, and even begin in the middle of the reels.

There is also the potential for a festive treat to drop in the middle of the grid in the form of an Expanding Wild, holding players’ attention with the action on every spin.

Totally Hot keeps the good times rolling thanks to a low-volatility maths model that entertains players with frequent wins. This is complemented by an extremely attractive RTP of 97.21%.

Vasili Pauliuchenko, Game Producer at BGaming, said, “The holidays are here, and we wanted to provide our players with the bright and warm gift of nostalgia this Christmas. Totally Hot has been designed to captivate new players and seasoned classic slot lovers alike, keeping them engaged with wins coming from literally every direction.

The game’s blazing vibes and low volatility serve up plenty of laid-back fun.”

The post Experience Classic Slot Thrills this Christmas With BGaming’s Totally Hot appeared first on European Gaming Industry News.

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Evoplay expands Hold & Win portfolio with Young Eagle Song

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Evoplay, the award-winning game development studio, has launched Young Eagle Song, a dynamic new Hold & Win title set above the snow-capped mountains of North America.

The game follows the eagle as it soars through storm clouds, with each spin offering the chance to discover the treasures hidden in the sky. Landing six or more bonus icons instantly triggers the Hold & Win round, where gold coins lock onto the reels and players get closer to the Mini, Major, or Grand jackpots.

Young Eagle Song offers a classic Hold & Win experience with a sharp, focused rhythm. The feature starts with three spins, resetting to three each time another coin lands. Each Bonus icon reveals a prize value ranging from 1x to 15x the stake, or one of the game’s fixed jackpots. Collecting all 15 positions wins the Grand Jackpot worth 1,000x, reaching its climax.

Players seeking direct access can utilise the bonus buy option, worth 32x the total bet, which instantly activates the feature with six coins already secured on the reels.

Ivan Kravchuk, CEO at Evoplay, said: Young Eagle Song captures the raw force of nature in a simple yet powerful format.

“We wanted to offer a clean, engaging Hold & Win experience with clear progression and strong win potential, brought to life through striking visuals and a bold atmosphere.”

The post Evoplay expands Hold & Win portfolio with Young Eagle Song appeared first on European Gaming Industry News.

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3 Oaks Gaming set to broaden its global presence following Relax Gaming aggregation deal

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New collaboration sees 3 Oaks Gaming’s premium slot portfolio made available via Relax Gaming’s award-winning aggregation platform

3 Oaks Gaming, an established creator of iGaming content, has extended its footprint across key regulated markets through a new deal with Relax Gaming, one of the industry’s leading iGaming aggregators and providers of unique content.

Through the collaboration, 3 Oaks Gaming’s acclaimed portfolio of slot games, including player favourites such as Sun of Egypt 5, Super Hot Teapots and Lucky Penny 2, will be integrated into Relax Gaming’s extensive distribution platform, enabling operators across Relax’s global network to access a broad range of premium 3 Oaks titles.

The deal marks an important step in 3 Oaks Gaming’s strategy as it continues to strengthen its international presence, ensuring it can meet the growing demand for premium, feature-rich content across regulated markets.

Known for its innovation and commitment to quality, 3 Oaks Gaming’s dynamic portfolio aligns seamlessly with Relax Gaming’s focus on delivering best-in-class content to operators worldwide.

Krasimir Pankovski, Head of Sales at 3 Oaks Gaming, said: “Partnering with Relax Gaming represents a key milestone for 3 Oaks Gaming as we continue to expand our global footprint.

“Integrating our portfolio into Relax’s aggregation platform allows us to reach new audiences and deliver our high-quality games to a wider range of operators across regulated markets.”

Jennifer Buttigieg, Head of Commercial & Partnerships – Aggregation at Relax Gaming, added: “We are proud to partner with 3 Oaks Gaming and offer their impressive portfolio to our operator network. Interest for their content has been off the charts.

“Their reputation for delivering feature rich, player-driven content makes them a strong addition to our growing library, and we are confident their content will support operators in driving player engagement.”

The post 3 Oaks Gaming set to broaden its global presence following Relax Gaming aggregation deal appeared first on European Gaming Industry News.

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