It was the last day of the ongoing 2019 legislative session in Colorado, and the lawmakers have approved the proposal that seeks voters to vote whether sports betting should be legalized in the state.
On Friday, the Colorado Senate voted 27-8 in favor of the bill that calls for legalizing sports betting.
Now it is left on the Colorado voters’ discretion if they would want to legalize sports betting in the state. If approved by voters sports betting will become legal in the state and players can bet on sporting events by 2020.
The proponents of the bill have said that sports betting legalization will give a significant boost to state tax revenues and will also tackle the issues of illegal gambling.
According to the estimates presented in favor of the bill, Colorado could generate an additional $10 million in tax revenue if the bill is approved by the voters.
Once approved by the voters, Colorado would begin accepting applications for sports betting licenses.
The bill goes into voting because according to the existing state laws, any tax increase should be approved by the voters and in this case the question is whether the state should apply a 10 percent flat tax on winnings from sports betting.
Following the Supreme Court’s order authorizing states to legalize sports betting in their jurisdictions, several US states have legalized sports betting and many others are in the process.