Colorado hopes to get sports gambling approval within 2 weeks
The state has a rapidly-approaching deadline if sports gambling will see light next year
Last week, a new sports gambling bill was introduced to Colorado’s legislature that needs to find support fast if the state is going to see sportsbooks in the next year. The bill focuses primarily on taxes and what activities will be allowed, but only has until May 3 to be approved. If it doesn’t make it, nothing will be offered for at least another two years.
The bipartisan bill, introduced by Democratic House Majority Leader Alex Garnett and Republican Minority Leader Patrick Neville, defines a 10% flat tax on the net revenue of sports gambling. Since the bill involves taxes, as per Colorado law, only residents can approve or deny the bill. The legislation could be put on this November’s ballot if the state legislation gives it the green light in time.
The bill would allow the state’s existing casinos to launch sportsbooks. In-person wagers would be allowed, on a limited basis, and there are also provisions for online and mobile bets. The operators would create their own gambling limits and wagers would be allowed on both professional and college-level sports events, including those involving Colorado-based teams.
Garnett predicts that legalizing sports gambling will bring as much as $5-$10 million annually to the state’s coffers. In really good years, that amount could reach $20 million. The money would be used for conservation efforts and the state’s water supply. $130,000 would also be set aside to be used by the state’s organizations that battle problem gambling and gambling addiction.