Colorado Sports Betting Vote Expected in November
Colorado sports betting vote is expected to happen in November 2019. Since the U.S. Supreme court declared to legalize sports betting there has been a deluge of sportsbook launches. Voters in Colorado will be asked whether sports betting should be legalized in the state or not. It is said that the tax income from sports betting will go towards the state’s water issues. Lawmakers in the state are trying to balance boosting the state’s revenue and appeasing naysayers.
Not only will voters have to decide on the legalization of the sports betting, but they will also have to decide on a ten percent tax on gambling profits. The Colorado sports betting bill is modelled against sports betting bills from other states. Once Colorado residents have voted on the sports betting bill, gambling could start as soon as May 2020. The bill does not have a limit on the types of bets that would be conducted. However, prop bets on college players will not be allowed. High School betting is also not allowed in this bill.
Colorado Sports Betting Bill Not Accepted by some Lawmakers
A Republican Representative, Valarie Hodges, does not agree that sports gambling should be legalized. She told the media that gambling is detrimental to the poor. She further said the state should find a better way to boost revenue.
The debate was also over whether sports gambling should be limited to the 16 casinos that are already in existence in the state. Another issue that might prevent sports betting in Colorado is the casinos owned by Native American. They are arguing that allowing sports betting in the state might mean increased competition for them.
Despite the pushback from lawmakers and other casino operators, many lobbyists believe that sports betting will be legalized. Bill Pascrell the 3rd, a lobbyist for some gambling companies, believes that Colorado sports gambling will soon happen. Tennessee, a state with no casinos, has also legalized sports betting. Pascrell believes it’s only a matter of time until other states follow suit.