The Colorado gaming industry has performed well over the years, and when it legalised sports gambling, the state showed instantly how lucrative the practise could be in a very short time. In light of what appears to be a more stable and mature market that appears to be working far more efficiently than expected by gambling opponents, state residents may vote this November to allow for higher gambling limits.
Local Choice Colorado (LCC), a advocacy group that seeks to increase gambling restrictions, has successfully collected enough signatures on a petition to bring the issue before voters this November. It only needed 124,632 signatures to approve its measure, but eventually picked up more than 200,000 that it turned into Colorado’s secretary of state, Jena Griswold ‘s office. The office needs to verify those signatures, and if verified, LCC will see its efforts pay off.
The cornerstone of the initiative, Initiative 257, is the way gambling limits are regulated to a certain degree. There will still be interference at the state level; however, LCC asks Colorado voters to relinquish some of that power and encourage the cities hosting casinos – Black Hawk, Central City and Cripple Creek – to encourage their people to set the limits. The bill would also grant those citizens the right, at their discretion, to support adding more gambling options.
If the proposal makes it to the ballot and is ultimately approved, it will pave the way for the biggest changes seen in the gaming space since 2008, other than this year’s introduction of sports gambling. Previously, the cap for a single casino bet was $5, and a vote-approved referendum, Amendment 50, which allowed up to $ 100 per bet, significantly increased this in 2008. That same measure facilitated increased operating hours and new gaming options, and 59 percent of the voters who made it to the polls that year had approved.
There is no cap set by a petition from LCC; however, by implementing ludicrous limits, the casino-hosting towns would not jeopardise their status. The hope is to be able to recover the economic losses caused by the existence of coronavirus, which everywhere has decimated the gambling industry. Cities and towns that depend heavily on gaming activity suffer more and will continue to suffer as recovery gradually moves.
Las Vegas has an agreed single bet limit of $10,000 at most tables to put things into perspective – a small handful of tables across the city give $15,000 and even $50,000, but those are uncommon. The South Dakota limit is $1,000. Increasing the $100 wager cap would not only begin to help the Colorado cities recover financially, but would also provide a boost for the entire tourism industry, as the gaming scene would become hotter than ever before.