Rockin' the Rockies: Colorado's New Wagering Bid
Lawmakers in Colorado mull over imposing taxes on untaxed sports wagers
Charlotte Capewell, COMPLETE iGAMING
Looks like Colorado's politicians are putting some green in the game with House Bill 1311!
This snazzy new bill aims to tax the dickens outta those online sports operators peddling free bets. But don't fret, this isn't a play to make your betting experience less fun. Instead, this tax whopper is expected to rake in a cool $12 mill for water splash projects across the state.
If this bill scores a touchdown, the extra revenue’s gonna gel with water planning, conservation hustles, and drip irrigation system renovations like, well, water and a duck's back.
Senator Dylan Roberts, our resident politician with an eye on the H2O, has the lowdown on why we need this fresh cash injection. He's all about preserving Colorado's water stash - blaming chronic drought, climate change, and an ever-growing populace for necessitating this little legislative drop.
But how, pray tell, will this bill impact our beloved online sportsbetting arena?
Well, if HB 1311 gets the OK, electronic bookies will start coughing up an extra 30% of their moo-la from ya free bets. And just so you know, that's gonna translate into added funds for Colorado's water projects.
So, is this bill heading for the goal line? HB 1311 has already slalomed its way past the House Finance Committee with a healthy 9-3 victory and is currently undergoing further review by the Committee on Appropriations.
If all goes swimmingly, this bill might start catching some air as early as September 2025, unless a referendum challenge decides to throw a spanner in the works, pushing the bill's implementation 'til the 2026 general election.
But just what Jeff Spencer, President and CEO of Americian Gaming Association, is all cranked up about? Well, some in the gaming industry whine that this bill could cramp their style by dampening promotional activities and potentially squashing the growth of the online sports betting market in Colorado. Meanwhile, supporters argue that it'll merely level the playing field by scooping up some lost tax dough.
Stay tuned, kids, as we keep our eyes on this little ball of legislation and keep you posted on the action!
- To fund various water-related projects, such as conservation efforts and irrigation system renovations, a new bill, House Bill 1311, is proposed to impose a 30% tax on the revenue generated by online sports operators from free bets in Colorado.
- Senator Dylan Roberts, who advocates for water preservation, believes that this tax revenue is necessary to combat issues like chronic drought, climate change, and an increasing population in Colorado.
- If passed, this bill could potentially impact the online sports betting market in Colorado, as electronic bookies would be required to pay an additional 30% tax on funds generated from free bets, which would contribute to water project funding.
