On May 29 of this year, the H 1327 bill was finally signed by Colorado’s governor Jared Polis. The H 1327 bill is also known as Colorado’s sports betting bill. This, in particular, talks about the legalization of sports betting within the borders of the state of Colorado.
It really didn’t take long before this bill was signed by the governor. It first reached the Senate on April 24, 2019, and so it only took around a month before this finally was approved by everyone in the government.
Currently, there are already 13 states in the US that allow and have regulations on sports betting within their territories. 22 more states are already considering it and at least 5 states are not yet touching the subject.
The interest of many states with regard to legalizing and regulating sports betting started after the Supreme Court of the US has stricken out the Professional and Amateur Sports Protection Act of 1992 or PASPA.
This overturned law was the reason why almost all states in the US can’t legalize sports betting despite the fact that it could help them economically. This law was stricken out in May of 2018 and many states immediately considered legalizing sports betting within their borders.
Individual governments in the US already know that many Americans are already placing illegal sports bets online, and studies have already been made that not legalizing sports betting just makes them lose money that could be used for their citizens.
That is why many states immediately took action regarding this. Some of the states that now have sports betting legal within their borders are New Jersey, New York, and Delaware.
Colorado is now scheduled for a public vote on November 5 to decide whether sports betting will be found legal in their state. The bill is now called as Proposition DD. This ultimately concerns the regulation of online and land-based sports betting.
Part of this is the licensing of casinos and bookies. The bill has three categories of licenses which are the Mater license, Sports betting operator license, and the internet or online sports betting operator license.
Another noteworthy inclusion in this bill is that most sports are allowed to be wagered on. Esports, high school, and collegiate sports may remain to be banned hence the approval vote of this bill.
Of course, polls and surveys have been made within the state and it’s looking like the Proposition DD will get the approval from the people of Colorado. Colorado punters are simply looking forward to this.
While these punters are already placing bets on bookies located off-shore, being able to do this locally just makes them feel more secure. However, even if Proposition DD gets the approval from Colorado’s people, sports betting will most likely be launched next year, 2020.
Surely, punters will still have to wait for a few months, but many sports seasons are already coming up. While waiting for the public vote to happen, Colorado punters can still place their bets the way they are used to.
Sportbookcasinos.com is usually one of the sites that these punters check to make sure that they are wagering on a safe site or with a reputable bookie.
If the Proposition DD passes, 10 percent of tax will be imposed on the net sports betting revenue. The Legislative Council of the Colorado General assembly predicts that if Proposition DD is approved by the public, sports betting can raise around 16 million US dollars in tax every year.
The majority of the tax raised from sports betting will go to the water projects of the state. The money will serve as funds for these water projects and other water-related obligations. If sports betting did raise around 16 million worth of tax, around 14.9 million US dollars would go to these projects.
The remaining tax money will then be used to fund gambling addiction services. Aside from that, funds to reimburse entities that receive tax revenue from traditional gambling and horse racing will also be part of the remainder.
The scheduled public vote in November will surely change a lot when it comes to Colorado’s economy. Aside from Proposition DD, another matter that voters will decide on is whether Proposition CC should also be passed as law.
Proposition CC is mainly about allowing the government to spend the tax money that they are currently required to give back to taxpayers. Again, it’s most likely that the state will spend the said tax money on projects like the Colorado Water Plan.
