Colorado Legal Sports Betting Looking At May 1st Start

This week, the Colorado Limited Gaming Control Commission approved regulations paving the way for the state’s casinos to implement legal sports betting and licencing, with a May 1 go-live date.

As of yet unnamed sportsbook operators, can now complete the licencing process to open retail sportsbooks at seven of the thirty three casinos in the state, all of which have submitted applications. Three online sportsbooks per casino, too, will be provided.

The seven to clear the first stage of the approval process include Black Hawk Monarch and Saratoga casinos; Cripple Creek’s Brass Ass Double Eagle, McGills, and Midnight Rose casinos; and Central City’s Dostal Alley Casino.

Wagering may occur on professional, college, olympic sports, motor sports, and electronic sports, according to the legislation. Bets are not allowed on high school or individual players at the college.

The tax rate on Colorado sports betting has been set at 10 percent of net income and operators will be paying extra costs to cover rising administrative and staff costs of regulating the industry. This will be referred to as Sports Betting Operations Fee.

The annual levy is not a charge, the Commission said, but a fee intended to defray the Commission and Division’s costs of providing sports betting licensees with the regulatory support services. By June 1 of each fiscal year, the Commission must set the Sports Betting Operations Fee and check the amount of the payments quarterly.