Throughout the day, the measure bounced between winning and losing, but it was eventually passed after a surprisingly close ballot that saw votes in favor of Proposition DD narrowly surpass the “no” votes.
Proposition DD, which had gained bipartisan support in the state Legislature, also needed to be approved by Colorado residents in order to be enforced. More than 1.4 million people of the state’s 5.7 million population cast their vote on the proposed legalization of sports betting on Wednesday.
Most of the state’s 64 counties rejected the sports betting proposal. However, it gained enough support from Colorado’s most populous areas, including Denver, Adams, Arapahoe, Douglas, and Jefferson Counties.
Commenting on the Wednesday vote, Curtis Hubbard, a spokesperson for the bipartisan group that backed the sports betting legislation, said that “in terms of the ballot language, it was important that we communicated from the outset who was paying the tax and what it was going to fund.” He added that the fact that Prop DD was supported by a bipartisan group helped “prevent support from eroding.”
Under Prop DD, legal sports betting in Colorado will start in May 2020. People aged 21 and older will be able to legally place a bet on a wide range of sports and leagues from professional sports and eSports to collegiate action and the Olympics.
All of the state’s more than 30 casinos will be eligible to conduct sports betting activities either at brick-and-mortar facilities at their gaming floors or digitally. Casinos offering sports betting will be taxed at 10% on revenue from the practice.
State lawmakers expect the nascent sports betting market to generate between US$6 million and US$15 million per year in the first three years since legalization. Revenue from the practice could potentially reach US$29 million as the market matures.
Source: GMB / Casino News Daily