The approach of Colorado sports betting has seen more than 50 license applications since November, which could pose a problem since the state only plans to issue 33 licenses total for physical and online sports books. Voters narrowly passed  the sports gambling measure to regulate the activity in November.

The first licensees are expected to be approved in February, though they won’t be able to take bets until Colorado’s new sports gambling law goes into effect on May 1.

Casinos will be taxed 10% on net proceeds, which will primarily be funneled to Colorado’s water plan. The state expects to collect $29 million annually from the new tax.

Read more about Colorado sports betting at the Denver Post