Preliminary Study on Gaming and Online Wagering
Sports betting is now legal in Colorado. From May 1st, 2021, sports betting will be legal in Colorado if you place wagers with an authorized and licensed sports betting provider within the state of Colorado. Sports betting is only lawful when you are betting at a sanctioned and licensed sportsbook run by the state of Colorado. If you are outside of the state, then you need to find out from the local government first before starting to bet.
Colorado sports books have put in place some new laws that are intended to govern the amount of money that can be wagered on sports. In order to qualify for a win, the odds of a game should favor the home team. Sportsbooks also imposes certain rules on who can place wagers and how much they can bet. All customers who wish to place a bet on a Colorado sports event, must adhere to all the rules laid down by the sportsbook. The odds provided by the books are not considered true odds because they do not take into account all the variables that can influence the final outcome of a game.
On May 1st, the Colorado General Assembly passed a bill that legalizes sports betting. According to The Colorado House of Representatives, the new law will make it possible for people from outside the state to place bets on Colorado sports events. This measure was introduced by Representative Bob Gannon (R-Commerce City) and Representative Diana K. Gilbertson (D Parker). The House and Senate voted in support of the bill. President Obama has indicated that he would sign the bill.
Sports books in Colorado are bound by Gambling Commission regulations that prohibit players from placing bets on games that take place in state-regulated casinos. However, the Gambling Commission was quick to point out that it is not intended to ban online sports betting. Instead, the Gambling Commission is aiming to prevent individuals from entering into transactions with casinos where they are not legally allowed to do so. Gambling Commission officials emphasized that online gambling in casinos is still illegal in the state, even if individuals are using their computers to place bets.
Online gambling is legal in several countries including the United States and United Kingdom. However, gambling is illegal in Colorado, especially in the state’s five-foot casinos. Individuals caught gambling online without a valid ID card from the State of Colorado are guilty of a number of crimes, such as possession of marijuana, sale or distribution of synthetic drugs, forgery, and conspiracy to commit a crime. Individuals caught online gambling will be punished by state prison. Gambling is strictly prohibited in the state-run casinos.
The new laws have stirred up a lot of controversy among sports betting enthusiasts and operators. There are concerns that the closure of online casinos in Colorado will affect the profitability of the state’s operators and thereby the level of tax they pay. Many operators have already stopped operations in the state. However, there are still licensed sports books operating in the city of Colorado Springs. Many Denver and Colorado Springs hotels also participate in the bookmaking process through a deal with an online bookmaker.
The Colorado Springs launch date for the Gambling Commission is still undetermined. The Gambling Commission is scheduled to meet on August 6th for its first public hearing regarding the proposed ban on online gaming. The Gambling Commission’s primary concern is protecting the identity of the consumers who place bets in the state-operated casinos. The proposed ban would require all Colorado sports bettors to create a personal account with the commission before they can place a bet. This would necessitate the creation of a separate entity for the purpose, which is not likely to survive given the strong support for the casino industry in Colorado Springs. It remains to be seen whether the launch date for the new identity of the gaming commission has been postponed at the request of the casinos.
For the full story on the proposed restrictions on online gambling in the state of Colorado Springs, including the reasons behind the sudden push by the casinos to pass on the issue to the voters, check out the website of the Marijuana Policy Research Institute. The institute has compiled and analyzed the various issues surrounding this issue and has concluded, “There is no public safety or fiscal problem with online gaming in Colorado Springs.” The report goes on to note that the revenue generated from the casinos by offering combination wagers on different games would offset the loss incurred on property taxes by as much as $1 million annually. The Institute also pointed out, “The long-term impact on the hospitality industry, both directly and indirectly, remains unknown”. Whether the gambling proposals gain approval by voters during the upcoming election will remain to be seen.