Colorado has become the 19th US state to legalize sports betting after a bill was narrowly passed which allows the parent companies of the state’s 33 casinos in Black Hawk, Central City, and Cripple Creek to offer onsite and online betting on professional, collegiate, motor and Olympic sports starting in May 2020.
Proposition DD calls for a 10 percent flat tax on net sports betting proceeds, which are estimated to total about $11m in the next financial year that starts on July 1, and will help fund the Colorado Water Plan.
The Colorado Division of Gaming is tasked with regulating the market. United Kingdom-based sports betting company Smarkets entered into a contract with casino operator Full House Resorts to offer online sports betting in Colorado in September in anticipation of the vote.
Colorado joins five other states that passed legal wagering this year: Illinois, Montana, New Hampshire, North Carolina, and Tennessee.