The state of Colorado has been trying to legalize sports betting for quite some time, and it looks as if it will finally come to a decision on Tuesday. Sports betting will be on the ballot this week, and it is expected that it will pass when voters throughout the state make the final decision on the issue.
Lawmakers in Colorado have expressed their desire to legalize sports betting throughout the state, but some tricky wording in the state constitution has made things a little difficult. The final decision will come down to the voters this week, and it appears that it is going to pass by a comfortable margin.
States all across the country have been working towards legalizing sports betting ever since the Supreme Court lifted a federal ban on the subject. There are more than 15 states that have already legalized sports betting, and Colorado is hoping to follow suit.
Professional sports leagues and franchises have been fighting against legalized sports betting in the past, but now it appears that almost everyone is working together to get this done. Colorado has been progressive in its legalization of certain things, and it appears that legalizing sports betting is just a formality with the voters in this state.
There is a lot of revenue to be had by legalizing sports betting, and Colorado is about to cash in in a big way when the voters give the okay this week.
The Facts About This Bill
Even though this bill is expected to be voted into law this week, sports betting is not expected to be launched until May 2020. The fact that lawmakers in Colorado have set a firm launch date is a great thing to residents of this state because it has taken other states a long time to get things up and running.
Even though sports betting has not yet been legalized, sportsbooks and casinos throughout the state have been preparing for the voters to give their approval this week.
Another important aspect of this new law would be that online sports wagering would be legal and launched immediately. Online sports betting has brought in the most money to states where sports betting is legal, and lawmakers were sure to include this in their proposal.
The new law will allow for sports betting on collegiate, professional, Olympic, and motorsports when it is approved.
Daily fantasy sports has been legal in the state of Colorado since 2016, and sites like DraftKings and FanDuel already have a presence in the state. Those companies are not forced to pay a tax to the state of Colorado, but that won’t be the case for new casinos and sportsbooks when this bill is passed.
Lawmakers have lobbied for a 10 percent tax on all sports betting revenue across the state, and that should help to get some support from residents throughout the state.
Teams To Push Sports Betting
The state of Colorado has some terrific professional sports teams, and they will all be at the forefront of this new law. The city of Denver is home to all of the major teams in this state, and the Mile High City will, without a doubt, be the leader of sports betting.
The Denver Broncos of the NFL will draw the most action as betting on professional football is the top sport to bet on in this country. The Denver Nuggets are one of the top teams in the NBA this season, and the National Basketball Association has deals in place with several huge sports betting companies throughout the country.
The Colorado Rockies and Colorado Avalanche are two extremely popular teams within the state as well, and they will see plenty of action when their seasons are in full swing. Colorado has the teams to drive sports betting, and they will help the state become extremely profitable when sports betting is both legalized and launched.
Water Could Help Sway Some Voters
Lawmakers in Colorado know that legalizing sports betting could be a touchy subject with some residents in the state, but they have tried to persuade some people by including a tax that will benefit everyone throughout the state. This new law would dedicate a large portion of the taxes collected from sportsbooks and put them towards a water conservation system. This water conservation system was started by former governor John Hickenlooper, who was extremely popular with residents of the state.
Hickenlooper helped to develop a long-term plan to conserve one of the most important natural resources on this planet, with a direct link to the water provided by the Colorado River. This new sports betting bill estimates that over $11 million per year could be generated from legalizing sports betting, and that would go a long way towards funding this massive water conservation project.
Colorado has a Taxpayer Bill of Rights in its constitution, and anything that raises taxes at this amount is required to be put to a vote. Lawmakers are hoping that by including this water conservation project in their proposal that it will help to sway those residents who are on the fence.
Denver Sports Betting is Ready to Go
When sports betting does become legalized in the state of Colorado, Denver Sports Betting will be the best place to go for all of your sports betting needs. Denver Sports Betting definitely specializes in all sports and teams located within the Mile High City, but they offer betting on plenty of other teams and leagues across the country as well.
Denver Sports Betting can be accessed by heading to www.denversportsbetting.com, and from there, you will find all of the information you need. Denver Sports Betting has been building its company and brand for quite some time, and it will be at the forefront of the sports betting industry in Colorado when sports betting becomes legalized.
Denver Sports Betting has plenty of great information available on its website to help introduce anyone interested to the world of sports betting. Once sports betting becomes legalized and launched in the state of Colorado, be sure to check out Denver Sports Betting for all of your betting needs.