- Colorado residents officially took to the voting booths this week
- Proposition DD to legalize sports betting was introduced
- Voters officially decided to legalize Colorado’s sports betting industry
Over the past year and a half, a huge number of states have begun taking a closer look at their sports gambling regulations. Many are beginning to see the huge potential for revenue earnings from this industry. This week, Colorado’s sports betting industry was officially legalized after a public vote on the subject.
It’s fantastic news for sports fans all over the state. Soon, both land-based and online sports gambling options will be available here. Let’s look at how this all came about.
PASPA’s Removal Opens Door to Legal Sports Betting
For many years, only Nevada was legally able to offer sports gambling options to residents. This was due to the Professional and Amateur Sports Protection Act, which was intended to protect sports integrity. It was thought that limiting sports betting options around the country would help keep sports fair.
Many have voiced their objections with PASPA over the years. Finally, after a strong push from New Jersey, a change was made. In May of 2018, the US Supreme Court officially removed this set of laws. Just like that, every state had the ability to set its own laws on the sports gambling industry.
Many states immediately began presenting bills to change their laws on this form of gambling. New Jersey was one of the first states after Nevada to legalize sports betting. Delaware, Mississippi and New Mexico followed soon after.
Today, almost every state in the country has presented legislation to open their sports gambling markets. Several major Senators have voiced their support for this industry. Even states that were previously known for their harsh laws on the gambling industry are beginning to embrace sports gambling.
20 states have now officially legalized this industry. Colorado’s sports betting industry was the most recent to become legal. It was officially passed this week by a very slim margin.
Colorado’s Sports Betting Industry is Approved By Voters
Colorado is well-known for having an extremely passionate sports fan base. The Rockies, Broncos, and Avalanche all call this state home. Since 2018, there have been many calls to finally make sports gambling legal here.
Several bills were presented. Finally, Proposition DD made its way to a public vote. If approved by state residents, Colorado’s sports betting industry would officially be made legal.
Voters ultimately decided to approve this proposition. It was passed by a very slim margin, though. 50.8% of voters agreed that sports gambling should be made legal. The other 49.2% went the other way. Regardless of how close the vote was, sports betting is now officially legal in Colorado.
Under this bill, both land-based and online sports gambling are legal. Wagering on sports on land can only be done inside a brick and mortar casino. Online sports betting platforms can only be operated by companies running a land-based casino in Colorado.
With Colorado’s sports betting industry now legalized, many expected they could immediately start placing wagers on their favorite teams. This is not the case. Here’s when these options will officially become available.
When Will Sports Betting Options Become Available in Colorado?
If you were expecting to be able to drive down to your local casino and throw money down on the Broncos this week, you’re out of luck. There is still time needed for lawmakers to set specific regulations on this industry. Sports betting licenses will also need to be handed out.
Colorado’s sports betting industry will officially go live on May 1st of 2020. This wipes out any hopes of placing some wagers on this season’s Super Bowl.
Fortunately, there’s a date set. Soon, a huge number of fantastic sports gambling options will become available to residents in this state.
Soon, almost every state in the country is likely to have legal sports betting options up and running. Analysts recently predicted that the US sports betting market would generate between $6-8 billion annually by 2025. It will become the world’s largest sports gambling hub.
In less than six months, Colorado’s sports betting industry will be live. We’ll need to wait and see exactly how this state’s betting revenue compares to the others.
Stay tuned for more updates over the next few months!