Colorado residents to vote on sports betting measure
Voters in Colorado will decide next month on whether to legalise sports betting and subject it to taxation.
Proposition DD would legalise and regulate online and land-based sports betting in the Centennial State.
If approved, the measure would impose a 10% tax on operators’ net sports betting revenue.
Recent polls indicate voter support for the sports betting proposition, according to Representative Alec Garnett, the bill’s sponsor.
Voters will also decide on Proposition CC, which would allow the state to spend money it would normally be required to return to taxpayers, under the state’s unique tax-and-spending limitation amendment.
Research carried out by the Legislative Council of the Colorado General Assembly predicts that, if the sports betting measure is approved, the vertical will raise about $16m in annual tax revenue in the first five years.
Around $14.9m of that will fund projects in the state, including initiatives under the Colorado Water Plan.
The rest of the money will fund gambling addiction services and reimburse entities that receive tax revenue from traditional gambling and horseracing, should sports betting lower their revenue.