CRIPPLE CREEK — Proposition DD was barely passed by voters in November, but how exactly it will work is still being discussed. The Colorado Division of Gaming finalized key rules for licenses, and are performing background checks on casinos that apply for a sports betting license. Wildwood Casino in Cripple Creek submitted their application just a few days ago.
The state will tax casinos 10% of the money they make off of sports betting, if they are approved for their license. Even though the Superbowl is coming up, and March Madness is right around the corner, Coloradans cannot place bets on those games just yet. The official start date for sports betting is May 1, 2020.
Those with Wildwood Casino said they have had several people asking when and where they can place sports bets. The casino plans to create a full retail sports book in one of their current bar areas, and they will have to hire and train more staff to manage it. "We know that there's a meaningful portion of the Colorado population that does participate and is looking forward to sports betting. So, we think it will have an impact, but how big it is really, is something to be seen," said Matt Andrighetti, the assistant general manager of Wildwood Casino.
Andrighetti estimated around $200-$250 million dollars will be generated in the first year. The original ballot language said the state can collect up to $29 million in taxes, but that sports betting will more likely generate anywhere from $14-$16 million dollars. However, new estimates from the Colorado Division of Gaming state it may only create around $1.5 to $1.7 million of tax revenue in the first year.
The majority of the money collected is slated to go to the Colorado's Water Plan, but lots of money still has to be paid first to account for the costs of setting up sports betting across the state, gambling addiction services, and to create a fund for any casino that may suffer a financial loss because of sports betting.
Wildwood Casino said they are ready to get the ball rolling. "We believe we have one of the best locations already in place, that won't take too much to turn into a really great sports betting venue," said Andrighetti.
How much money is actually generated in this first year still remains to be seen. News5 will keep you updated.
