Colorado Audit: More Regulation Of Sports Betting Needed

DENVER (AP) - A Colorado state audit has found that regulators failed to perform exhaustive background checks on 35 sports betting operators currently operating under temporary licenses. It also found discrepancies between some operators' reports of wagers and their tax filings on those wagers, possibly costing the state tax revenue.

The audit released this week covers the first full year of legalized sports betting in Colorado, which was approved by voters in 2019.

Auditors recommended that regulators complete a regulatory framework for their investigations of operators and improve monitoring of the industry's reported income and tax payments. The division agreed to all the recommendations.

(© Copyright 2022 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)