Colorado lawmakers OK November ballot question on sports betting

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Posted at 12:06 PM, May 03, 2019
and last updated 2019-05-03 14:06:17-04

DENVER (AP) — Colorado's Legislature has approved a ballot question asking voters if sports gambling should be legalized.

The Senate voted 27-8 on Friday to send the bipartisan bill to Gov. Jared Polis.

If voters approve, a constrained Colorado sports betting market could be operating by 2020. State tax revenue initially would be an estimated $10 million.

Voters would be asked whether to apply a 10% flat tax on net sports betting proceeds. If approved, businesses can apply for licenses. The question comes in the form of a tax hike request because any Colorado tax increase, by law, must be approved by voters.

Companies operating 33 casinos in Colorado could seek licenses that would include online and sports gambling apps and limited onsite betting.

Tax revenue would go to a state water conservation plan and gambling addiction programs.

Friday is the last day of the 2019 legislative session.