Regulated sports betting in Colorado is a step closer this week after the release of a policy document from the state’s Department Of Revenue (DOR).
The document outlines a number of possible regulatory options for the launch of a sports betting sector in the state, and how the industry would be managed. The document also answers one of the main questions about sports betting legalization that lawmakers are grappling with throughout the United States, concluding that the introduction of a legal sports betting framework would require only statutory and not constitutional amendments.
Discussing the range of options available for regulating the industry, the document suggests that the DOR should act as the main regulatory authority for sports betting in the state.
The document goes on to outline four different models for the regulation of the industry, under which the regulatory responsibility would be taken up by the Division of Racing, the Division of Gaming, the state Lottery, or a new Division set up specifically to oversee sports betting.
The DOR report states that whichever option is chosen should also deal with mobile betting and should incorporate a licensing aspect, and that consensus should be sought across all stakeholders and relevant industries to ensure that legalization is successful.
On the question of taxation, the DOR is proposing a rate of between 6.5 and 16 percent of adjusted gross proceeds (AGP) to be set every year. It also states that any tax collected through sports betting should be diverted to a specific, nominated purpose, such as transport or education.
Andie Hughes is a UK-based freelance betting and gambling writer with over a decade of experience in the industry, having written for Betfair, ESPN, Boylesports, Sporting Life and various other popular betting sites. Contact Andie at email@example.com.