A May 3 deadline is rapidly approaching for Colorado legislators to move on passing a bill that would legalize sports betting in the state. That’s when the legislature adjourns for a year.
Last week casino operators provided their two cents in a new bill whose draft is being circulated. It would authorize both brick and mortar sports book and mobile platform wagers.
The bill doesn’t completely redesign the wheel. Instead it would modify existing gaming laws and create three kinds of licenses: master license, sports betting operator and internet sports betting operator.
Any of the state’s 33 casinos could apply for the master license and pay a fee that has not yet been established. Each licensee could have one land-based operator and one internet operator, or combine the two in one.
Sports betting revenue would be taxed at 10 percent. There would be no so-called “integrity fees” paid to professional sports leagues. Wagering would be legal for professional or collegiate sports but not allowed for high school sports or e-sports.
Colorado, where much of the state is under thick layers of snow during a large part of the year, is much more accepting of mobile sports betting than many other states. Especially since the casino towns of Black Hawk and Central City are hard to get to by road during some months.
Rep. Alec Garnett, House Majority Leader of the Colorado legislature told a radio talk show last week, “If something happens on Sunday morning, a weather system moves in and the Broncos are going to be playing in 6 inches of snow, the line’s going to move. It would be unrealistic to expect somebody to drive up to Black Hawk or Central City and change that bet that they made a couple of days before.”
Garnett noted that 80 percent of sports betting in New Jersey is done on mobile platforms.
The bill under consideration will require a supermajority of the legislature to pass and will require a vote of the people to amend the state constitution.
Commercial gaming in Colorado is limited to Central City, Black Hawk and Cripple Creek. Voters have rejected several attempts to expand gaming. The most recent would have expanded casino gaming to racetracks.
Assuming that everything works out for sports book legislation, including approval by the voters, it could be operating by early 2020.
