Colorado working on sports gambling bill
The legislative action is making great progress two weeks after its introduction
A bill presented to Colorado lawmakers just two weeks ago is already making significant strides toward approval. House bill H 1327 was approved by the House last week and is now going to be heard on the Senate floor. That move is made possible after the bill successfully passed a review by the chamber’s Finance and Appropriations committees over the past several days. If sports gambling is to be introduced soon, lawmakers will need to move even faster – the legislature will go on vacation at the end of this week.
H 1327 would see the creation of three types of licenses – a master license, a sports betting operator licenses and an Internet sports betting license. The state’s 33 casinos would have the ability to apply for a master license or an individual license, depending on what they were interested in providing. Each licensee would be able to partner with a land-based operator and an Internet operator – or one operator for both – to deploy a joint online and mobile platform.
High school sports and eSports would be off-limits and sports gambling revenue would be taxed at 10%. This is where things get sticky in Colorado. Any legislation dealing with taxes has to be approved by the state’s residents. In other words, lawmakers don’t have the ability to approve sports gambling – they only have the ability to approve a ballot entry to allow residents to approve sports gambling.
If lawmakers approve H 1327 and an entry is added to this November’s ballot, sports gambling could come as soon as May of next year. If they can’t reach a consensus before heading out on vacation, though, it’s going to be another year before any progress can be made.