In the United States and Colorado has reportedly just become the 19th state to legalize some form of sportsbetting after voters narrowly approved a measure on Tuesday evening that will allow its 17 casinos to apply for land-based and online sports book licenses.

According to a Wednesday report from The Denver Post newspaper, the enabling Proposition DD was passed by a margin of about 50.8% to 49.2% meaning that aficionados in the large western state will be able to begin placing wagers on the outcome of a wide variety of sporting events in as little as six months.

Duty dividend:

The newspaper reported that the new legislation requires licensed sportsbetting operators to pay a 10% tax on all net income earned from such activities with the majority of these proceeds to be used to help fund the Colorado Water Conservation Board.

Horseracing hindrance:

However, The Denver Post reported that Proposition DD does not allow for a sports book at Colorado’s sole horseracing track, Aurora’s Arapahoe Park, nor does it permit operators to offer proposition bets involving collegiate teams. Despite these exceptions, it nevertheless received support from both Republican and Democratic members of the Colorado General Assembly while moreover being praised by multiple conservation and sports groups.

Lucrative expectations:

Colorado State Senator, Kerry Donovan, reportedly told the newspaper that the passage of Proposition DD represents an investment in the state’s water future and could soon be bringing in up to $29 million every year with the Colorado Division of Gaming serving as the official regulator.

The Democratic legislator reportedly told the newspaper…

“With the growth of the Front Range and climate change shifting us to a more arid future, today marks an important step for the future of agriculture and the quality of life for all of us who call Colorado home.”

Improved influence:

Patrick Neville from the Colorado House of Representatives reportedly heaped similar praise on Proposition DD and proclaimed that the measure will allow his state to better regulate an activity that is already being enjoyed by millions of aficionados.

The Republican lawmaker reportedly told The Denver Post…

“Black markets aren’t conservative and they aren’t good for Colorado. Bringing sportsbetting into the daylight, regulating it and leveraging it for the benefit of our water future is a common-sense approach.”