Colorado Bill To Make Changes To Sports Betting Revenue Reporting

0

A new bill in Colorado slated for a hearing Wednesday would change some state reporting requirements related to legal sports betting.

On April 22, HB21-1292 was introduced into the House Business Affairs and Labor Committee. According to the summary of the bill, it would alter revenue reporting.

“The division of gaming within the Department of Revenue currently publishes on its website monthly and annual public reports of revenues, expenses, and other information from limited gaming activity in Central City, Black Hawk, and Cripple Creek,” the summary of the short five-page bill said. “The bill requires similar reporting for revenue associated with sports betting. To protect the privacy of owners of sports betting venues, when the number of licensees in any of the cities is less than 3, the bill requires aggregation of data from that city with data from another city.”

HB 21-1292 would become effective on Jan. 1, 2022 if it becomes law this session.

More information in revenue reports

Beginning Jan. 1, regulators would report on a monthly basis:

  • net sports betting proceeds, aggregated for each gaming city (Black Hawk, Cripple Creek, and Central City) based on the physical location of the master licensee’s casino
  • proceeds derived from on-site and internet sports betting
  • tax collections and the amount bet during the reporting period

Presently, Colorado sports betting reporting doesn’t include any information about location.

Furthermore, “If the use of aggregated data results in a property valuation that the casino owner or other taxpayer believes is inaccurate, the bill permits the taxpayer to submit additional information to the county assessor, subject to strict confidentiality requirements that continue throughout the property valuation process and any subsequent appeals or court proceedings.”

Colorado currently has 21 digital sportsbooks and 17 retail locations.

Colorado has 33 commercial casinos and two tribal casinos, according to the American Gaming Association. There is no statutory limit on the number of commercial casinos that may operate across the three towns eligible to host casino gaming in Colorado.

Colorado launched sports betting on May 1, 2020. Since launch, more than $2 billion has been bet. The sports betting industry has generated $129.8 million in winnings off of players. Colorado has collected about $5.5 million in taxes off the activity.

Brian served as a senior reporter and online content manager for Card Player Magazine for nearly a decade before joining USBets in October 2018. He is currently focused on legal and regulated sports betting and online gaming. He's an avid jiu-jitsu practitioner in his free time.

Comments are closed.