DENVER (CBS4) – Casinos in Colorado will soon discuss whether they should take a stance on fantasy sports betting. A meeting is planned next week to discuss whether they will call for regulation and taxation.

On Thursday Nevada’s Gaming Control Board announced that type of betting will no longer be allowed without a license.

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Rep. Diana DeGette, the Democratic Congresswoman who represents Denver, told CBS4 on Friday she wonders if a loophole in the law needs to be plugged when it comes to fantasy sports betting.

“I think … some clever lawyer and entrepreneurs took advantage of it,” DeGette said.

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In daily fantasy sports betting participants pick a team with a certain salary cap and then the outcome depends on how they perform that day. The ads for the leagues are very pervasive.

“It’s almost every other ad that you see, and that concerns me — the amount of money that’s involved, the amount of people who are involved in this. And it’s not regulated at all,” DeGette said.

Brian Watts (credit: CBS)

Brian Watts (credit: CBS)

Brian Watts, head of Isle of Capri Casino and Lady Luck Lady Luck Casino in Black Hawk, said the question of whether Colorado casinos might start including fantasy sports betting “interesting.”

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“It’s one our industry will be looking at and we’ll see how it evolves,” Watts aid.

Lone Tree resident Peter Jennings said he won $1 million playing fantasy sports, and it wasn’t by chance.

“Yes, absolutely it’s a game of skill just like investing in the stock market, analyzing trends and statistics,” he told CBS4 by phone.

Additional Resources

The following statement comes from the Colorado Division of Gaming:

Fantasy sports is not illegal under federal law. The federal Unlawful Internet Gambling Enforcement Act specifically exempts fantasy sports from its prohibitions if the games comply with certain conditions. Therefore, the legality of fantasy sports activity would need to be evaluated on a case-by-case basis by an agency having jurisdiction.

The Colorado Division of Gaming does not have authority to regulate fantasy sports. The Colorado Gaming Commission regulates licensed activity in three Colorado cities: Black Hawk, Central City and Cripple Creek. Gaming in Nevada is regulated statewide.

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Colorado consumers should be careful when engaging in any unregulated activity and be aware of advertising that is false or misleading.