Voters in the state of Colorado have a tough decision to make. They have to decide whether they should allow sports betting in the state via licensed casinos or let go of the ideas altogether.
What is at stake?
The ballot on which voters will decide the fate of sports betting reads this-
“Shall state taxes be increased by twenty-nine million dollars annually to fund state water projects and commitments and to pay for the regulation of sports betting through licensed casinos by authorizing a tax on sports betting of ten percent of the net sports betting proceeds, and to impose the tax on persons licensed to conduct sports betting operations?”
The voters will either say yes or no on the ballot. If they say yes and decide in favor of gambling regulation in the state, Colorado will become the 12th US state to create a legalized sports betting framework. As of October 2019, only the states of Nevada, New Jersey, New Mexico, Pennsylvania, Rhode Island, Delaware, Oregon, Mississippi, Arkansas, New York, and West Virginia have legalized sports betting.
Leaving Nevada, which was a gambling hub anyway, other states cashed in on the demise of the PASPA act which was struck down last year. The states are now legally free to start offering legalized sports betting. However, they will not be free to offer cross-border services yet.
42 other states are considering the legalization of sports betting, including Michigan and Illinois.
What does the new law mean?
According to the language in the ballot, it is likely that when approved, the Proposition DD could bring about $290 million to the state’s profits from wagers on sporting events. This means that the state’s water fund could get as much as $29 million from sports wagering.
The House majority leader Alec Garnett is in favor of creating a robust sports gambling market in the state. He said that residents of Colorado are already taking part in sports wagering, but all their money is going to other states. If the state legalizes sports wagering, the money will not just stay within the but could also be channelized towards important causes.
Former Colorado Water Conservation Board director James Eklund commented,
“It couldn’t be overstated how important this is for Colorado. Proposition DD puts some money in the place that is should be.”
However, even though the proceeds will be used for good purposes, there isn’t a shortage of people who suggest that this legislation will create problem gambling issues in the state. The people are yet to decide.