With analysts estimating that Colorado has the potential to bring in as much as $300 million from a legal and regulated sports betting industry, it comes as no surprise that the Centennial State is doing all it can to bring about this new reality as quickly as possible.
Colorado’s state attorney general seems to be on the same page as pro-sports betting forces and has said that the introduction of this industry can be achieved via a statute, and without the need to make an amendment to the state constitution.
In the meantime, Colorado is laying the groundwork for changes if and when they occur.
The most logical body to oversee legal sports betting industry in Colorado is the state’s Department of Revenue, which already governs casino gambling and horse racing.
Recently a report from the DOR was published by the Colorado Public Radio.
Among the features of the new framework as they appear in the report were as follows:
- The tax rate on a sports betting industry would range from anything between 6.5% and 16%. The rate will adjust on an annual basis.
- Mobile and online betting will be allowed.
- Wagering on sports has to take place within state borders.
- Colorado casinos and racetracks will be allowed to offer sports betting.
- The state repudiates the need to pay an ‘integrity fee’ to sports leagues.