Sports betting is illegal in Colorado. However, as the state legislative season is approaching and with less than two weeks remaining a sports betting legalization bill has been introduced. The bill is now making its way to a house committee in Colorado.
The House Bill 1327, calls for legalizing sports betting and also details provisions including a 10 percent tax to be levied on wagers placed through licensed casinos operating in the state.
The bill is one of its kind and is significant in many regards. While it seeks expansion of gambling in the state, the bill also calls for limiting the sports wagers licenses to existing casinos. This means that sports wagers, if the new bill is enacted in its current form, will be allowed only through the casinos and no new sportsbook licenses will be offered to new entrants.
It does not include race tracks but only the licensed operators Cripple Creek, Black Hawk, and Central City.The casino licenses were granted back in 1991 following an amendment to the state laws – amendment 50. The amendment was cleared with a 59 percent majority.
Department of Revenue and the Gaming Control Commission would be regulating and monitoring the sports betting activities in the state. The bill was moved to the house committee on Thursday evening, and from here onwards it will take a two week time to and if it gets approved in the General Assembly the bill will be pushed for governor’s approval.
It is expected that the House Finance committee may hear the bill as soon as coming Monday.