Colorado May Be About to Jump on the Sports Betting Bandwagon

A bill recently introduced to the state Legislature seeks to have sports betting legalized and regulated in the state of Colorado, and if it gains any traction, the state may join other states with regulated sports betting as soon as May 2020. If it gains enough momentum with the state Legislature, the state’s residents are likely to be asked to vote on the legalization of sports betting as well as a 10 percent tax on the net proceeds – the tax revenue is reportedly going to be channeled towards the state’s water plan.

Introduced by Democratic House Majority Leader Alec Garnett and Republican Minority Leader Patrick Neville late last Thursday, the new sports betting bill will allow Colorado’s existing casino operators to apply for gambling licenses to operate sports betting online as well as on mobile apps. The physical or land-based gaming venues will also be allowed to provide limited in-person sports betting services.

Unlike most of the sports betting bills that have been introduced across the United States, the licensed operators in Colorado will be allowed to determine their own betting limits. Another aspect of the bill that is worth noting is the fact that, if approved, the punters will be able to place bets on both collegiate and professional sporting events including events involving teams from the state.

Taking Control

As expected, there have been concerns about the impact of sports betting and in response to these concerns, Rep. Alec Garnett pointed out that the regulation of sports betting is the best way to go since sports betting is already being conducted in the state, albeit by illegal and unregulated underground operators. As such, the goal of the bill seems to be bringing an already existing practice under regulatory oversight and not expanding gambling – while at it, the state can make some money in form of tax revenue and this will be used to fund various projects.

According to the proponents of the sports betting bill, the regulated industry would generate about $5 million to $10 million in tax revenue every year. As mentioned earlier, most of the revenue will be channeled towards “protecting our water”.

Moreover, close to $130,000 will be allocated towards institutions and organization that deal with issues pertaining to gambling addiction and problem gambling. While the Problem Gambling Coalition of Colorado President Lawrence Wall expressed his appreciation for the bill’s consideration to foster responsible gambling, he also pointed out a few concerning issues, especially with regards to mobile and online sports betting. He believes that these two verticals have the potential to drag certain people towards some form of gambling-related harm.

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