Colorado Governor Scheduled to Sign Bill
Sports betting has become a mega industry, so now it’s time to make sure that revenue from this new gambling activity is properly reported, valued and appraised by the state.
That has been the theme of frequent discussions at local meetings by assessor officials.
The big question: How will this impact local casinos, which can host this activity?
As far as big legislation getting the nod by local and state elected leaders, Teller County Assessor Colt Simmons stated at a recent commissioner’s meeting that a new bill is awaiting the governor’s signature, dealing with the reporting of sports betting revenue. More specifically, it would set the guidelines for the proper assessment of gaming establishments, with the advent of sports betting.
Simmons has cited many hours of cooperation with assessor offices from Gilpin and Teller counties, the Division of Gaming, the gambling industry and private operators in coming up with legislation that would call for better appraisal of gaming properties and establishments, with the arrival of sports betting
Colorado voters in 2019 gave the okay for sports betting on professional games at licensed establishments in the three gaming communities. This followed a Supreme Court ruling that permitted sports betting in individual states, if proper rules are established. This did away with the monopoly that Las Vegas and Nevada establishments had previously over legal bets cast on professional games.
It still is not clear if this new change will raise the appraised values for casino establishments. Simmons said the measure calls for strict standards for protecting casino business privacy information. He suggested that a potential increase or decrease in casino values, in the post-sports betting world, depends on what business model they follow.
The legislation does acknowledge that sports betting will become a growing industry. Simmons estimated in the last year, gross sales from sports betting in Colorado topped $2.5 billion. This figure is expected to exceed this amount for the following fiscal year.
Sports betting is permitted at licensed casinos, which mostly contract this activity out with professional sports-book companies.
Mostly sports betting now occurs mostly through apps available at licensed casinos in Cripple Creek, Black Hawk and Central City. However, in the future, this activity could open up more at local casinos. There are already signs that more casinos will have live sports betting action.