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US – Colorado approves sports betting with May launch date set

By - 11 November 2019

Colorado’s 33 casinos will be able to offer in-person and online betting on professional, collegiate, motor and Olympic sports from next May, following a narrowly won vote to approve sports betting.

Colorado became the 19th US state to legalise some form of sports betting with casinos in Cripple Creek, Central City and Black Hawk, expected to jump at the opportunity to offer on-property retail betting and online/mobile betting.

More than 1.4m Coloradans voted the measure in with the yes votes winning by a small two per cent margin.
There will be a flat ten per cent tax on sports betting proceeds. The Colorado Division of Gaming expects to collect tax of up to $29m a year from sports betting.

“Voters have made the decision to allow legal sports wagering in Colorado,” said Lu Cordova, Executive Director of the Colorado Department of Revenue. “CDOR will be collaborating with stakeholders to help this industry grow responsibly.”

“The Division of Gaming has been ramping up for the possible passage of Proposition DD by setting the groundwork for implementing best practices learned from other states that already conduct sports betting, while keeping in mind the unique needs and wants of the Colorado gaming landscape and industry,” said Dan Hartman, Director for the Division of Gaming. “We look forward to continuing to work with our gaming industry partners to establish responsible standards for sports betting, as they endeavour to bring the highest-quality content to the sports bettor.”

UK-based sports betting company Smarkets has already partnered with Full House Resorts to offer online sports betting in Colorado. “It’s great news that the people of Colorado have legalized sports betting, and we can’t wait to bring our sportsbook platform, SBK, to the Centennial State in 2020 through our partnership with Full House Resorts,” Smarkets CEO and founder Jason Trost said. “As more and more states adopt sports betting legislation, the industry will be brought further into the light and regulated in a more professional manner, compared with the previous status quo of offshore bookmakers dominating the market.”

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