DENVER (CBS4) – Votes are still being counted for Proposition DD, the Colorado ballot measure which would legalize sports gambling in the state and tax it to pay for the state’s water plan. One percentage point separated the vote Wednesday morning with 58 of Colorado’s 64 counties reporting.
50.5 percent of voters whose ballots have been counted so far favored the measure and 49.5 percent opposed it.
If it winds up passing, voters will be able to place legal bets in May 2020 via an app on their phone at any of Colorado’s 33 casinos that decide to operate a sports book.
The revenue from the 10% tax will cover three main places: gaming addiction, regulation/oversight and the Colorado water plan.
According to the fiscal impact statement for the measure, revenue from the 10% tax on sports betting proceeds is expected to generate around $10 million in its first year (2020-21) and is expected to grow to between $13.5 to $15.2 million in the next year… up to $29 million.