• The Colorado sports betting bill will allow for both retail sportsbooks and state-wide mobile sports wagering apps.
  • The taxes collected from sports betting in Colorado will primarily go towards the state’s Water Plan.
  • Voters will be able to approve the measure on the November 2019 ballot.

DENVER – Another major milestone to fully regulate sports betting in Colorado was achieved. Earlier this week, CO Governor Jared Polis signed off on a bill that will put sports betting on the 2019 November ballot.

The bill, HB19-1372, comes with certain stipulations that are unique to the Centennial State.

The first provision details the locations of retail sportsbooks. Those establishments would be limited to the traditional gambling towns of Black Hawk, Cripple Creek, and Central City.

Any of the 33 gaming institutions located there can apply for a master license to offer sports betting.

With that master license, they can then partner with a retail sportsbook provider and/or an online sports betting provider. The mobile sports wagering apps they develop could then be offered to anyone that is physically located in the state.

When using either one of those methods, patrons will be able to bet on both professional and collegiate sports. This will include teams that are located within the state of Colorado. Betting on e-sports and high school sports will remain banned.

The tax rate set on an operator’s sports betting revenue is 10%. The funds collected by these taxes would then be primarily redistributed to the Colorado Water Plan.

“Coloradans should have the option of betting on the Nuggets or Broncos,” said Alec Garnett House Majority Leader and Sponsor of HB19-1327. “This new funding will go towards protecting our precious water, and we believe this is something everyone can support.”

However, not only will statewide voters have to approve the measure on the November 2019 ballot, but voters in the three gambling towns will have to do so through a local vote as well.

If and when that happens, Colorado sports betting will be able to launch in May of 2020.

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