With less than two weeks to go for the legislative session to begin in Colorado, a section of the lawmakers are already up for pushing a sports betting bill for a popular vote to let the state collect taxes on sports gambling.
Despite the sports betting legalization approved by the US supreme court the previous year, legalizing sports betting in the state is going to be a tough call.
The central argument that proponents of the House Bill 1327 put forward is that the legalization of sports betting will help the state generate tax revenues and that illegal sports betting is already on the rise in the state.
The bill has also got support from House Majority Leader Alec Garnett, D-Denver, and House Minority Leader Patrick Neville, R-Castle Rock.
Advocating for the sports betting bill Alec Garnett said that, “Coloradans should have the option of betting on the Rockies in the World Series or the Avs in the Stanley Cup. Voters support funding to protect our water, and this will help them do their part. Our outdoor economy depends on access to water and healthy rivers, and this will help generate much-needed funding for the Colorado Water Plan. Also, we hope that this measure will help stamp out black market sports betting.”
As per the estimates, with the new bill in effect, the state is expected to increase its revenues by $5.7 million to $5.9 million in 2019-20; $9.6 million to $11.1 million in 2020-21; and $13.5 million to $15.2 million in 2021-22.
Also, according to the bill the tax revenues generated from sports betting would be utilized to fund water projects in the state.