By Todd Detert
Sports Betting in Colorado “The Centennial State” – Made Possible By Proposition DD
Colorado sports betting became a reality on November 5, 2019 when the voters were introduced to “Proposition DD“. Proposition DD is an initiative designed to tax licensed sports betting companies operating in Colorado. The tax revenue from the such operators would help to fund important state projects. Proposition DD passed by a narrow margin in Colorado, with a 51.41% majority of the vote, making Colorado the 18th state in the country to legalize sports betting. By May 1, 2020 sports betting companies (such as DraftKings) were operational.
The sports betting rules and regulations vary from state to state; the link found HERE does a nice job outlining where sports betting is legal. In addition, this link outlines the different rules and regulations specific to each state.
Sports Betting In Colorado – Laying Down The Laws
In order to become a licensed Colorado sports betting operation, your company must comply with the new tax laws. 10% of net sports betting proceeds are due to the state. The state of Colorado will use this tax to fund issues that are unique to Colorado. Issues such as the states current water supply shortage and other environmental issues.
Below we have outlined a handful of points that are unique to Colorado Sports Betting. In addition to the 10% tax, sports gaming operators are finding that:
- Digital sports betting is allowed! Residents of Colorado can make sports wagers on-line through a website or mobile application.
- There is no limitation on the amount you can wager
- You may not bet on high school sporting events.
- Proposition bets (“prop” bets) on collegiate events are not allowed.
- You may not place bets on unsanctioned video game competitions.
StatementGames Fantasy Sports & Colorado Sports Betting
It’s still too early to tell how much tax revenue will be generated in the state of Colorado. Prior to COVID-19, Colorado enjoyed record low unemployment rates, hovering around 2.5%. After the pandemic hit, the unemployment numbers have skyrocketed in the month of April to 11.3%.
Inevitably, discretionary income will become limited for most consumers in Colorado and this is where StatementGames will help to fill that gap.
Free 2 Play gaming platforms like StatementGames fill a much-needed void with sports fans. In the case of StatementGames fantasy sports – Colorado sports fans have an opportunity to:
- Participate in a different from of fantasy Sports – FREE
- Learn the sports betting ropes-especially when it comes to proposition or “prop” betting
- Compete against Fans
- Virtually interact with Fans
- WIN REWARDS In the form of CA$H Gift Cards (Gift cards that help the local business community)