Colorado Considers Sports Betting
On May 14, the Supreme Court of the United States of America, ruled to legalize sports gambling across the country. Since then, multiple states have put in efforts to include sports betting into the existing portfolio of gambling offerings.
Colorado Attorney General Cynthia Coffman issued a statement earlier this month calling for the legislation concerning sports gambling in the state to be amended. Currently, sports betting is categorized as a crime under the Colorado criminal code.
Coffman anticipates that the General Assembly will weigh in on the topic after members receive feedback from their respective constituents and stakeholders regarding the benefits and consequences of legalizing the gambling option.
The Attorney General has also stated that sports gambling was not prohibited under Article 18, Section 2 of the state constitution, which negates the need for a constitutional amendment. The restrictions only cover lotteries and sports betting does not qualify as one, according to her.
In fact, the Colorado Supreme Court had even ruled that dog and horse races were not a lottery.
The push continues
In July Reps. Alec Garnett and Cole Wist told them media that they would be pushing for the legalization of sports betting. But, if the legislature does consider the option, there will be several regulatory issues to overcome.
According to some legal experts, lawmakers would have to look at creating a licensing structure before legalizing sports betting. There are considerations to be made, such as taxing, locations, licensing qualification, and regulation etc.
New Jersey has been at the forefront of sportsbetting and has made plenty of progress after the supreme court ruling. Recently, Governor Phil Murphy signed a law that would permit racetracks and casinos to form 3 online partnerships as long as they offer a physical sportsbook.
Experts believe that New Jersey would serve as an ideal model for online betting while Nevada would do the same for physical sportsbooks. Nevada is one of the few states that permitted sports betting, legalizing it all the way back in 1949. As a result, the state was grandfathered in when the Professional and Amateur Sports Protection Act came out.
It’s not certain how much sports gambling is worth in Colorado. However, it’s not the money that’s the biggest concern. Legal experts say it’s the complexity of the stakeholders that makes things challenging.
The typical stakeholders are the only 3 towns in the state that allow casinos, namely Central City, Black Hawk, and Cripple Creek.