A bi-partisan sports betting bill, recently introduced in Colorado, could have voters deciding about the future of the industry in the state.
Democratic House Majority, Alec Garnett, along with Republican Minority Leader Patrick Neville, introduced their House Bill 19-1327 recently. It wants to see voters decide in November whether sports betting should be legal in Colorado. The question will be put on the November ballot.
Should the voters approve the question, Colorado could have a sports betting market – albeit a relatively restrained one – by the middle of 2020.
Rep. Alec Garnett believes that such an industry could see Colorado earn anything from $4 million to $10 million a year in revenue.
The biggest obstacle that currently stands in the bill’s way is time. The legislative session is due to end on May 3rd and a lot of work still has to be done in order to get lawmakers to back the proposal.
The bill’s sponsor hope to see new regulations eliminate illegal gambling and they want the revenue generated go towards “conservation and protecting our water.”
Garnett pointed out that illegal gambling already takes place across Colorado, and the new bill has the potential to bring the practice to a regulated surface.
The bill will go in front of the House Finance Committee tomorrow. If it manages to pass before the session ends on May 3rd, there is a chance that the question will appear on the November ballot.
A Senate version of the bill is being sponsored by Senators Kerry Donovan and John Cooke.
Garnett believes that sports betting will continue to grow in the United States, following the Supreme Court’s landmark decision last year to allow states to determine the future of their own industries.
“This is a market that is going to continue to mature,” said Garnett.
He also added that Colorado has “quite a libertarian streak … and if you want to [bet], government shouldn’t be the one that says you can’t.”
