'I Can't Wait To Play': Chips On Legalized Sports Betting To Begin This Spring

(CBS4) - May 1 is the target date for legalized sports betting to begin in Colorado. The state Division of Gaming has approved key rules for licensing and will conduct investigations of the applicants.

"I like sports betting. I would take part in it and I can't wait to play," said Terry Lovelady while hitting the casinos in Black Hawk.

Many casinos are lining up. So far, 28 casinos are paying $10,000 each to the state just to apply.

Monarch Casino plans to have both an in-house sports betting room and online app. General Manager Craig Pleva told CBS4's Rick Sallinger they will have their own app rather than use an existing company such as Draft  Kings.

"They will be able to see the lines, the bets offered and be able to make bets from their mobile device," said Pleva, who added there may be Colorado-specific betting. "Which Bronco will score the first touchdown? How many passing yards will Drew Lock have?"

Bettors will be able to place wagers on most sports with the state getting 10 percent of the profit. Most of the state's take will go to water projects.

Betting by phone will only be allowed and possible in-state because of "geofencing," which will block bets made from outside of the state.

"When heard about it I wanted to bet on it. I mean my boys bet their uncles and stuff," said Jasmine Smith, who is looking forward to sports betting.

It is unclear if the days of the local bookies will be gone and replaced with state controlled sports betting.