The shares of Full House Resorts in Colorado are mounting after the state passed the sports betting bill. The bill was in the ballot on Tuesday and got the approval from the voters, though with a narrow lead.
The politicians who were pushing for the bill argued that the revenue generated from sports betting would be used to fund the water projects in the state. The results were announced on Wednesday afternoon in favor of proposition DD.
The Colorado sports betting bill was unexpected, but immediately the results were announced, investors started bidding for shares of Full House. By early Thursday, the company’s stock was up by 3.39 percent. Full House Resorts issued the following statement:
“With the legislative and voter approval processes complete, the Colorado Division of Gaming can commence the rulemaking process and develop the regulatory framework that will govern sports wagering. The Company believes that sports wagering could begin at its Bronco Billy’s Casino & Hotel and its Christmas Casino & Inn-as well as throughout the state via mobile sports wagering-in mid-2020.”
Prepared For Passage
A month ago, Full House announced its partnership in sports betting with Wynn Resorts in Indiana and Colorado. The Company also claimed to be working with UK based Smarkets and mobile betting platform.
Sports betting in Colorado are expected to kick off on 1st May 2020. The online sportsbooks are to be licensed soon after retail sportsbooks are approved. Analysts predict that Full House could generate $30 million before taxation once the Bronco Billy’s are complete.
Full House in Indiana
Full House’s Rising Star Casino Resort in Indiana is one of the Company’s most reliable venues. The Company has received approval to operate a sportsbook in the city. Casino.org reported that Full House is opening the sportsbook on 11th November. The Company’s partnership is also expected to start operating in the state after normal approval procedure is finalized.