Latest News Regarding Colorado Gambling Regulation Procedures

During late last week, a new sports betting bill was represented to Colorado state legislature. In order for the bill to pass and gambling activities be legalized at western U.S. state casinos, voters will firstly have to validate the measure in the upcoming vote in November of 2019.

H 1327 that is sponsored by Democrat Rep. Alec Garnett and Sen. Kerry Donovan, as well as Republican Rep. Patrick Neville and Sen. John Cooke, can be passed by The House Finance Committee until the ongoing legislative session withdraws on 3rd of May 2019.

The bill would give a permit for 17 in-person sportsbooks at Central City, Black Hawk, and Cripple Creek casinos. Additionally, the act would allow gambling venues to appeal for the licenses so they could control both mobile and online sports betting in their own betting limits, with freshly-licensed operators setting.

“Previously occurred”

Allegedly, according to Fox 31 Denver, Rep. Garnett has said to the news agency: “We know that people are betting illegally across the state of Colorado. If it’s already happening, it’s better to treat consumers fairly and to put it into a regulated marketplace."

He added: “A casino could contract with an online sports operator — like Draft Kings or Fan Duel — and they could provide an application for consumers across the state to use.”

“The Black Market”

President Lawrence Wall has stated...

“Not making clients go up into the casinos — and placing it right into every household throughout Colorado — does provide that access point. It’s only a matter of time where someone might get into trouble,” he continued saying...

“The fingertip app structure already exists. That is the black market. We aren’t really expanding the marketplace — we’re just going to regulate that marketplace.”

Those remarks made a concern with the Problem Gambling Coalition of Colorado (PGCC) and other similar groups.

“Big decision”

Whether yes or no, sports betting operators would be taxed at 10 percent of their earnings from the beginning of May 2020 and onward, the voters of the state would need to decide.

Supposedly, the levy should be used to execute one of Colorado’s largest cooperative endeavors, that reputedly is in need of funding, regarding the Colorado Water Plan.

“$130,000 Set Aside”

Garnett reportedly told Fox31…

“On the low end, you’ll see the state generate between $5-10 million in tax revenue. And on the higher end, as the market continues to mature, I think it plateaus around $20 million...

...it is a sustainable resource that will go toward conservation and protecting our water, which is really important to both rural and urban parts of the state," said Garnett allegedly to Fox31.

In the meantime, Wall supposedly has said to the news agency that somewhere around the amount of $130,000 would be reserved for a supply that is addressing gambling addictions, for example, Rocky Mountain Crisis Partners hotline.

“Potential Problems”

Lawrence Wall has also shown concern if sports gambling was a good thing, digital betting in particular. He believes is that the opportunity for people to place a stake from their homes and presenting that option to them preferable than depositing a stake inside a casino, would bring trouble for many bettors.

Wall stated: “Do we have Problem Gambling Coalition of Colorado [on the app], or a help line when someone is frequently gambling? What about some education or awareness for those college kids — or signs or symptoms of a potential disorder?”

The Centennial State would become the 10th state to legalize sports betting if the bill passes before the current juridical session that retires next Friday.

States that have a sports betting hearing this week are Indiana, New Hampshire, Maine, Louisiana, Illinois, and Colorado as well.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.