Colorado legalises sports betting
Colorado became the 19th state in the US to legalise some type of sports betting after more than 1.3 million voters approved Proposition DD.
US.- Around 1.3 million people in Colorado voted on Tuesday on Proposition DD to legalise sports betting. While the vote was surprisingly close in a 51% to 49% margin, Colorado is now the 19th state to legalise some form of sports betting.
Unofficial returns say that the vote ended up being 51% – 49% in favour of the sports betting ballot. This means that starting in May 2020, the 33 casinos in Colorado can offer in-person and online sports betting on professional, collegiate, motor and Olympic sports.
Economists in the state forecast sports betting to generate US$11 million in Colorado during the fiscal year 2020-21.
The bill
The proposal sets a 10% flat tax on net revenue and allows casinos to host sportsbooks and limited in-person betting, as well as mobile and online wagering.
Sports betting in Colorado would turn tax revenue to a Sports Betting Fund, created through HB19-1327. It will favour paying money owed to the State General Fund to cover the Commission’s start-up costs and operating expenses.
Also, it would transfer 6% to the Hold Harmless Fund. It will mitigate the loss of revenue incurred by colleges, cities, counties or horse racing entities as a result of legal wagering.
Furthermore, US$130k would be allocated to the Office of Behavioural Health in the Colorado Department of Human Services to prevent and treat gambling-related harm, while the rest would be used for the Colorado Water Plan Implementation Cash Fund.
