Colorado Legalizes Sports Betting
Colorado residents voted in favor of sports betting Wednesday, with the first wager expected to be accepted in May 2020.
The Colorado General Assembly agreed on Monday to put Proposition DD, which would legalize sports wagering, before residents. This was the last step in order for the bill to be enforced.
Residents started voting on the bill on Tuesday, with its fate being uncertain until the very last moment. However, the legislation claimed a narrow victory — receiving 22,000 votes in favor by Wednesday, thus legalizing the gambling activity in the state.
The officials have revealed that sportsbooks will open in May 2020. The state has over 30 brick-and-mortar casinos, with all of them being eligible to provide sports betting.
State lawmakers expect that the state will produce between $6 million and $15 million annually in the first three years of legal sports betting.
A large part of the tax money will be aimed at Colorado’s water management plan.