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Around $150 billion is wagered illegally on sports every year in the U.S.
(Apr. 24) – The House passed a bipartisan bill sponsored by Majority Leader Alec Garnett that would legalize sports betting in Colorado. This bill would require voter approval if passed by the General Assembly.
“Coloradans should have the option of betting on the Nuggets in the playoffs or the Avalanche in the Stanley Cup. This funding will go toward our most precious resource – our water and this is something everyone can get behind,” said Majority Leader Garnett, D-Denver. “It is our hope that this measure will help stamp out black market sports betting.”
HB19-1327 would provide a master license to local casinos who can then contract with brick and mortar and/or internet sports betting operators to provide sports betting in Colorado. A 10 percent tax on net sports betting proceeds will be placed in a Sports Betting Fund. That fund will go towards the Water Implementation Cash Fund to support Colorado Water Plan projects that will keep our drinking water safe, our farms and ranches thriving, and keep our rivers healthy.
If approved, the measure would go to on the 2019 November ballot.
The Colorado Water Conservation Board will govern the Water Plan Implementation Cash Fund. Some of the eligible projects for these funds are water storage and supply projects, conversation and land use projects, engagement and innovation activities, agricultural projects and environmental and recreation projects.
Organizations in support of this measure are the Colorado Cattlemen’s Association, the Colorado Municipal League, the Colorado River District, the Environmental Defense Action Fund, Western Resource Advocates, and Denver Water.
The bill is sponsored by Minority Leader Patrick Neville. The Senate sponsors are Sen. Kerry Donovan and Sen. John Cooke.
HB19-1327 passed out of House Finance committee with a bipartisan vote of 9-1.
The House approved it on a vote of 58-6. It now heads to the Senate.