Lawmakers in Colorado are closer to approving and regulating sports betting. This week, the Colorado sports betting bill has been officially passed in the House Finance Committee. It’s beginning to look like this state will become the newest to begin regulating this popular form of gambling.
Today, we’re going to be looking at the details of this new sports betting bill. We’ll also look into whether or not this state is likely to pass the bill by the end of the year. Let’s get into it!
Colorado’s Road Towards Legalized Sports Betting
Colorado has, historically, taken a very liberal stance on the gambling industry. Back in 1990, the state began allowing casinos to operate. In 2008, lawmakers granted even more power and gaming options to these casinos.
Back in 2018, the US Supreme Court famously ruled against PASPA by declaring it unconstitutional. This allows individual states to set their own laws on sports betting. Within weeks, a number of US states began working to open their sports betting markets.
It seemed inevitable that Colorado would begin working to regulate its sports betting industry. Lawmakers here have shown an openness to the entire gambling industry. They already legalized daily fantasy sports back in 2016.
To many, it was a question of when, not if sports betting would become legal here. This week, the newest Colorado sports betting bill passed its first real test.
Colorado Sports Betting Bill Approved in House Finance Committee
This bill, called HB 1327, is moving fast through the legislation process. Alex Garnett, Colorado’s Democratic House Majority Leader, is its primary sponsor. HB 1327 proposes a flat 10% tax rate on all sports betting revenue.
If passed, the sports betting industry here will completely open up. Each of the casinos in Colorado will be eligible for a sportsbook license. Legalized sports betting will bring the state of Colorado up to $10 million per year, according to analyst projections. $130,000 of the earned revenue will go towards the prevention of gambling addiction.
HB 1327 was approved by Colorado’s House Finance Committee this week. The bill will now need to pass through the House Appropriations Committee, and the State Senate in order to be officially approved. For now, things are looking promising.
Revenue is certainly playing a factor in the decision to regulate sports betting. New Jersey, for example, is earning millions of dollars through their legal sports betting market every month. Alex Garnett also claims that regulated sports betting will help to stop the black market betting industry that continues to thrive in this state.
Is Online Sports Betting Coming to Colorado?
It’s clear that the state wants to take control of the online wagering market. The Colorado sports betting bill being proposed will also allow for casinos to offer online and mobile gambling. These casinos will have the ability to set their own betting limits and odds.
Many individuals in Colorado choose to make their sports bets through various online sportsbooks accepting US players. The state does not regulate these websites. For that reason, the websites do not pay taxes on their earnings. Legalizing online sports wagering in the state will help to capture a piece of the internet gaming pie that’s continuing to grow.
Not everyone is happy to see sports betting laws appear in Colorado. Leaders of Colorado’s professional sports teams including the Rockies, Nuggets, and Avalanche wrote a letter voicing their concerns.
“With the appropriate integrity provisions, the teams would support legalized sports betting in the state; as currently drafted, we do not believe that bill provides sufficient protections for the sports or consumers or fans,” it states.
As we’ve already mentioned, there are still a number of steps that will need to be taken before sports betting is completely legalized here. The bill will need to pass through each step of legislation by early May in order to receive a public vote in November. Sports betting fans here are certainly keeping their fingers crossed.
Do you think sports betting will become legal in Colorado this year? How will Colorado’s betting market compare to states such as New Jersey and Pennsylvania? Let us know in the comment section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
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