Colorado Voters Legalize Sportsbetting

On Tuesday voters in Colorado voted to legalize sportsbetting within their borders, with the measure passing with a 51.1% in-favor vote.

The ballot referendum read: "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 net sports betting proceeds, and to impose the tax on persons licensed to conduct sports betting?"

The measure passed with 756,720 people in favor and 723,665 opposed. Originally, the vote was too close to call on election night (November 5th), but by the next day it appeared that the measure passed with enough support to not require a recount of the votes.

With the passage, sportsbetting will soon be legal from operators, who'll pay $125,000 or less for their license according to state law. All of the 33 casinos within the state must apply to offer the activity.

It's expected that the first wagers will be placed in May 2020. CL News will follow the growth of the industry in Colorado, updating readers as more details become available.