Colorado adopts rules governing new sports betting industry
DENVER (AP) — Colorado regulators have adopted rules allowing the state to have the ultimate say on what gamblers can and cannot bet on within sporting events.
The Colorado Limited Gaming Control Commission passed regulations that govern the state’s new sports betting industry set to launch May 1, the Denver Post reported.
The commission would be in charge of approving which leagues are eligible for sports wagering and which events in those leagues’ games can be the subject of proposition betting, according to the rules.
Proposition bets are wagers placed on individual players or events within a game, rather than the final score, such as bets on which team wins the coin toss or which quarterback throws the first touchdown pass during the Super Bowl.
The Department of Revenue’s Gaming Enforcement Division will create an initial list of eligible bets to be continually updated and distributed to sports book operators in the state, Division Director Dan Hartman said.
“Once that bet is approved … it would be updated on that list and any operator would be able to take that bet,” Hartman said. “That catalog would be a living document.”
If licensed casino or sports book operators want to add a prop bet, they can apply to offer it, but applications must be submitted at least 72 hours before the bet is open to public wagering, he said.
“This could be an extraordinarily long, changing day-by-day kind of list,” said Mark Grueskin, an attorney representing several casinos. “I know that the approved list is going to be a challenge.”
Grueskin further argued that a catalog would be unmanageable considering the thousands of potential betting opportunities.
The new rules come after voters legalized betting on professional, collegiate, motor and sanctioned video-game sports last November.