{"id":4925,"date":"2019-11-08T03:08:31","date_gmt":"2019-11-08T03:08:31","guid":{"rendered":"https:\/\/dev.offshoresportsbooks.com\/news\/?p=4925"},"modified":"2024-07-17T12:42:49","modified_gmt":"2024-07-17T12:42:49","slug":"colorado-sports-betting-passes-narrowly-in-recent-election","status":"publish","type":"post","link":"https:\/\/dev.offshoresportsbooks.com\/news\/colorado-sports-betting-passes-narrowly-in-recent-election\/","title":{"rendered":"Colorado Sports Betting Passes Narrowly In Recent Election"},"content":{"rendered":"\n<p>Sports betting is set to become a legal pastime for <strong>residents of The Centennial State <\/strong>following voter action in the recent Nov. 5 election. <\/p>\n\n\n\n<p>On Tuesday, Colorado residents voted to approve Proposition DD, which proposed the legalization of regulated wagering to generate additional revenue for the state. The referendum<strong> attracted more than 1.4 million voters <\/strong>who seemed to be evenly split on whether to authorize legal sportsbooks in the jurisdiction. <\/p>\n\n\n\n<p>In the end, the Yes vote <strong>won by a narrow margin<\/strong> of 51.1 percent to 48.9 percent, making Colorado the 19th state to legalize sports betting since the landmark SCOTUS ruling that repealed the 1992 PASPA Rule in May last year. <\/p>\n\n\n\n<p>The state joins <strong>a long list of other jurisdictions<\/strong> that have legalized the industry this year: Indiana, Iowa, Illinois, Tennessee, Montana, North Carolina, and New Hampshire. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"the-making-of-proposition-dd\">The Making of Proposition DD<\/h2>\n\n\n\n<p>The ballot question on whether to legalize sports betting in Colorado was posed through Proposition DD. The Proposition basically asked Coloradans whether they agree to an increase in state revenue <strong>by authorizing a tax on sports betting<\/strong>. <\/p>\n\n\n\n<p>The proposed tax rate is 10 percent of the operator&#8217;s gross revenue, and the funds are set to benefit the state&#8217;s water plan and cover the cost of regulating the market. The remaining funds would be <strong>allocated to local communities <\/strong>and the treatment of those with problem gambling. <\/p>\n\n\n\n<p>The Colorado constitution requires residents <strong>to sign off on new taxes<\/strong> or tax increases through a voter referendum, and referring the issue to voters was the only path to regulated wagering in the state. <\/p>\n\n\n\n<p>The projected revenue from sports betting <strong>is $29 million annually<\/strong> when the market becomes fully operational. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"what-next-for-colorado-sports-betting\">What Next For Colorado Sports Betting?<\/h2>\n\n\n\n<p>The passage of Proposition DD means that Colorado<strong> can move ahead <\/strong>with its plans to roll out legal sportsbooks within its borders. <\/p>\n\n\n\n<p>The state&#8217;s lawmakers passed the Colorado sports betting bill HB19-1327 in early May, and Gov. Jared Polis <strong>signed it into law on May 29<\/strong>. The Act paves the way for the creation of a Division of Revenue under the Gaming Control Commission to regulate and license sports betting operators in the state. <\/p>\n\n\n\n<p>Under the legislation, the 17 authorized casino operators in the precinct can apply for master licenses to<strong> offer sports betting services<\/strong> to Coloradans effective May 1, 2020. <\/p>\n\n\n\n<p>There <strong>are 33 commercial and tribal gaming venues<\/strong> in The Centennial State. The casinos are located in three towns where gambling is legal: Black Hawk, Cripple Creek, and Central City. Racetracks are not eligible to operate sportsbooks under the current law. <\/p>\n\n\n\n<p>Holders of the master license will be <strong>free to partner with operators of their choice<\/strong> for both retail and mobile betting operations. The law allows the casinos to offer a wide range of wagers on both professional and college sports events, but betting on high school games and prop bets on college sports will remain illegal. <\/p>\n\n\n\n<p>As mentioned earlier, Colorado lawmakers set the tax rate for licensed operators <strong>at 10 percent of the gross gaming revenue<\/strong>. A huge chunk of the net proceeds will be used to offset a deficit in the state&#8217;s water budget.<\/p>\n","protected":false},"excerpt":{"rendered":"Sports betting is set to become a legal pastime for residents of The Centennial State following voter action in the recent Nov. 5 election. On Tuesday, Colorado residents voted to approve Proposition DD, which proposed the legalization of regulated wagering to generate additional revenue for the state. The referendum attracted more than 1.4 million voters [&hellip;]","protected":false},"author":14,"featured_media":4926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3033],"tags":[],"class_list":["post-4925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Colorado Sports Betting Passes Narrowly In Recent Election - The Latest Sports Betting News<\/title>\n<meta name=\"description\" content=\"In a narrower than expected election, Proposition DD, which legalizes sports betting, passed in the state of Colorado on Tuesday.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colorado Sports Betting Passes Narrowly In Recent Election - 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