Four Colorado legislators introduced a sports betting bill that would significantly change the mobile betting industry.
SB 26-131 a wide ranging proposal that would add multiple new responsible gaming measures that would limit betting activity, restrict advertising, ban certain wagers and strengthen oversight of the Colorado sports betting market.
The bill has bipartisan support from both chambers with Sens. Matt Ball (D) and Byron Pelton (R) and Reps. Steven Woodrow (D) and Dan Woog (R) serving as the prime sponsors.
SB 26-131 was assigned to the Senate Finance Committee but has not yet been scheduled for a hearing.
Colorado sports betting props out
The biggest change to the market by far would be a seemingly total ban on prop bets, not just the props concerning a player’s performance.
There are two sections that touch on what a prop bet is, beginning with the definition:
“Proposition Bet” means a bet concerning the performance of an individual athlete participating in an athletic event, or a combination of athletic events, the outcome of which bet depends on the occurrence or nonoccurrence of a specific act, statistic, performance, event, or circumstance within the athletic event or combination of athletic events.”
The next section adds clarity to what is included:
“Proposition bet” includes a bet on an individual athlete’s performance, an officiating decision, a penalty, an injury, the timing of an event, or any outcome other than the final result or score of an athletic event, regardless of whether the bet is placed before or during the athletic event.
Deposit and ban limits
Online sportbooks would be prohibited from accepting more than five deposits within 24 hours.
The sportsbooks would also not be allowed to send push notifications or text messages encouraging additional wagers or deposits.
In addition to deposit limits, the legislation also prevents operators from restricting customers solely for winning bets unless suspicious activity or signs of gambling disorder are identified.
Deposits from credit cards would also be banned.
Colorado sports betting ads limited, too
Traditional ads are also affected by the bill.
Betting advertisements cannot promote ‘bonus style’ offers, nor could they include instructions explaining how to place wagers.
Ads also would be prohibited between the hours of 8 a.m and 10 p.m as well as during live sporting events.
