A Colorado sports betting market won’t exist unless their residents vote for legalizing sports betting in their state. Colorado is a state with a growing population. And their population is highly interested in sports. This could generate millions, if not more, of wagers placed by residents in the near future. Just like any pay per head sportsbook bookie, analysts are optimistic that Colorado can be one of the biggest sports betting markets in the US.
Last Tuesday, Colorado Voters took to the polls to cast their vote on the ballot referendum. The measure is called Proposition DD. So far, they have reached just over 50% of the vote. The counting has not yet officially complete. But the required number of votes for the referendum to pass is 50%. So, if the direction of the vote stays the same, the yes vote will lead to an eventual regulated sports betting market in Colorado. As of this morning, the yes vote is at 50.36%, while the no vote is at 49.64. There are 6 counties whose votes have yet to be counted.
Colorado Sports Betting
The referendum asks voters if they are in favor of legalizing sports betting in the state for both brick-and-mortar facilities and online wagering as well. This bill has been a long time coming, since legislators wanted to legalize sports betting just after the PASPA repeal last year. Unfortunately, they ran out of time during last year’s legislative session. But they persevered and prepared for a bill for 2019.
The measure was then introduced in April, and was signed into a month later. It passed with bipartisan support, and is one of the fastest turnarounds for any bill from introduction to passing from any state. After all, sports betting contributes to the local economy. PricePerPlayer.com has bookies from all around the world, who all enjoy a steady income from taking in wagers from their players.
Under the measure, operators will pay a tax, which will be used for water conservation projects, among others. Of course, going from here to actually taking bets will take a while. The first bet will probably happen early 2020.