Should Colorado Legalize Sports Betting?
Colorado lawmakers are considering legal casino sports betting.
Sports betting it a hot topic across the country. The arguments for and against sports betting kind of feels like recreational marijuana use. Here in Colorado, where weed is already legal, is sports betting just another socially accepted leisure activity?
The upside, sports betting would be another revenue stream for the state. The money could go to helping schools, senior care, or other social programs. However, this bill proposes the money go to a State Historical Fund, Gaming Prevention & Education, and a Colorado Water Plan. Yep, that's where the revenue is designated in this bill.
One of the bigger issues most don't consider is how pro sports leagues and the NCAA would regulate gambling among its players and staff. See the conflict of interest here? [Insert Pete Rose]. Then there's the vice itself. How will legalized sports betting affect the social fabric of Colorado? Will it lead to more gambling addicts and a negative impact on society?
Sports betting seems a natural "next step" in Colorado considering the state already has 33 operating casinos. Each could apply for a license, the fee looks to be $125,000. Each licensed casino could then partner with one land-based operator and one internet partner to include an online-mobile app gaming platform. The state would tax the profits by 10%.
The bill needs to be passed by the legislature, signed by the governor, and then be approved by voters in next November's election. If all that gets done, sports betting would become a reality in Colorado by the spring of 2020.