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The 8th-largest state in America, admitted to the U.S. in 1876, encompasses the western rim of Great Plains, the southern portion of Rocky Mountains, and the northwestern edge of Colorado Plateau. It borders Wyoming to the north, Nebraska to the north-east, Kansas to the east, Oklahoma and New Mexico to the south, and Utah to the west, touching Arizona at the Four Corners.
Known for landscapes, canyons, mountains, and rivers, Colorado transformed the economy in time from mining and raising livestock to agricultural products, food processing, transportation equipment, chemical industry, scientific research, and in small part, tourism.
Such a diverse approach provides for a state gross product of $378.80 billion as of 2018, which amounts to 1.8% of the United States’ overall GDP.
In 2019, following legislators’ efforts and state referendum in November, Colorado opted to launch the regulated offline and online sports betting market.
Since 1991, land-based slots and table games with limited stakes (up to $100) are lawful only in Central City, Cripple Creek, City of Black Hawk, and on Indian territories; the 2018 State Law (HB1234) specifically prohibits arcade-style gaming machines which offer cash prizes outside the designated gambling zones.
Pari-mutuel wagering on horse and dog racing are also legal at licensed premises.
However, online gambling remains expressly banned, as Colorado resonates with the sentiment of other states which make a distinction between sportsbooks and iGaming.
Legal Framework
In April 2019, Colorado’s House of Representatives voted for a bill that legalizes in-person, land-based and interactive (online, mobile) sports betting.
A month later, Colorado’s Senate approved the proposal and Governor signed it into law.
But…
Since the law stipulated new sports betting taxes, 10% on gross wins — and the Colorado constitution requires voters to approve new taxes — the state referendum was needed for wagering to become legal.
On November 5, electorate opted-in on the referendum to legalize sports betting with a narrow margin: out of 1,548,011 ballots, 51.42% voted for while 48.58% voted against.
Interestingly, voter turnout was rather low — only 39.39% of all registered voters in Colorado.
Be it as it is, Colorado’s sports betting scene shall allow licensed operators to launch sportsbooks in land-based casinos, online, and on mobile devices as early as May 1, 2020.
The majority of tax money will go toward The Colorado Water Plan, a statewide initiative that addresses Colorado’s future water needs. Initial projections of tax revenues are in the vicinity of $29 million.
Just as is the case with casinos’ gambling, age limitations for sports betting require patrons to be at least 21 years old (including onlookers in patrons’ entourage).
Land-Based Casino Licenses
The new law also establishes the Colorado Gaming Commission as the regulatory body for sports betting, in addition to the Division of Gaming for the Department of Revenue which regulates existing brick-and-mortar operators.
As of December 2018, there are 33 commercial and 2 tribal casinos in Colorado.
Whether applying for land-based casino licenses or permits for physical or online sportsbooks, the Division of Gaming issues six classes of licenses for companies and individuals:
- Manufacturer or Distributor: companies that produce or distribute approved machines and components;
- Retailer: individuals that conduct limited gaming on their premises;
- Operator: persons who operate machines on the premises of a retailer;
- Key Employee: management staff with the responsibility of policy decisions in gaming establishment;
- Support Employee: dealers, cashiers, and any other worker employed in limited gaming;
- Associated Equipment Supplier: importer, manufacturer, distributor, or supplier of associated equipment.
Depending on the number of employees (officers, directors, partners, staff), licenses are further divided into Type 1 (less than six people) and Type 2 (more than six individuals).
All licenses are issued on a period of two years, while all applicants must be at least 21 years of age.
Fees range between $3,700 and $8,000 for operators and between $70 and $275 for individuals — depending on class and type.
Players’ Protection
In addition to the promulgation of rules and regulations governing licensing — including the levying of fines or suspensions or license revocations — the Division of Gaming is also primarily responsible for patrons’ protection.
The main activities are oriented towards education and the resolution of players’ grievances.
Further Reading
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