Each state has the power to legalize sports betting due to the Supreme Court overturning the Professional and Amateur Sports Protection Act of 1992. This decision was made in May of 2018. Since then New Jersey, Pennsylvania, Delaware, West Virginia, Rhode Island, Mississippi, New Mexico, Indiana, Tennessee, Iowa, and Montana have all legalized sports betting to some extent.
Colorado Sports Betting
Governor Jared Polis signed house bill 1327 on May 30th, 2019. This bill will legalize sports betting at casinos and online if passed by the general public in November of 2019. The bill will legalize sports wagering at casinos, as well as online. To offer sports betting, all land-based casinos must obtain a master license. This master license will allow each casino to set up a sportsbook inside the casino, as well as partner with one online operator. Operators must obtain a license before partnering with the casinos.
With over 30 casinos in the Rocky Mountain State, residents of Colorado will have a multitude of betting options to choose from if the law is passed.
Colorado Sports Betting Bill
Colorado legislators introduced HB 1327 in April of 2019. After being signed by Governor Jared Polis, the bill now requires voter approval from Colorado residents in November. The Colorado Gaming Control Commission will be in charge of regulating Colorado sports betting.
Sports betting will be taxed at a rate of 10% on net sports betting proceeds. Most of this tax revenue will be deposited into the newly created Sports Betting Fund, which will help pay off debts in the State General Fund. A small percentage of income will go towards treating gambling harm, as well as the Colorado Water Plan Implementation Cash Fund.
Would the bill legalize online sports betting in Colorado?
Yes, HB 1327 will allow each casino to partner with an online operator, which will give Colorodoans, a great variety of online sportsbooks to choose from.
Would the bill legalize online poker?
No, the bill will not legalize online poker if passed.
Colorado Online Gambling FAQ
Aside from online sports betting, there other forms of gambling available to Colorado residents.
Are daily fantasy sports legal in Colorado?
Daily Fantasy Sports, or DFS, is a cross between fantasy football and legalized gambling. On a broad level, DFS contests are a subsection of fantasy sports. Players compete against their friends, or more often strangers to build a team of professional athletes under a given salary cap, and try and to outscore their opponents. Daily fantasy sports differ from traditional fantasy sports by having contests that last for an evening or the weekend, as opposed to having the same team for months.
Are offshore sportsbooks legal in Colorado?
No, offshore sportsbooks such as Bovada are not legal in Colorado, although they do accept residents of Colorado as clients. Because offshore sportsbooks are not regulated, you are betting at your own risk. Betting with regulated sportsbooks ensures your safety as a bettor, which is why you should wait for Colorado to fully legalize sports wagering.
Does Colorado have an online lottery?
No, the Colorado Lottery does not offer online games.