Colorado Governor Jared Polis has officially signed the sports betting bill in the state. Earlier this month the Colorado Senate voted 27-8 in favor of the bill that calls for gambling expansion in the state.
However, despite the Governor’s approval, the bill will go to voting before the new legislation comes into effect.
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.
The house bill HB19-1327 was first introduced on April 18, and then it made its way through to get officially approved by the state governor.
The legislation seeks expansion of gambling in the state; it also calls for delimiting 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.
The voting on the bill is expected to take place in November when the state goes into general elections.
If approved, the state Department of Revenue and the Gaming Control Commission would be regulating and monitoring the sports betting activities in the state.