Sports Betting Bill passes in Tennessee and Colorado
Both the Houses in Tennessee and Colorado voted to accept sports betting bills. The votes for Tennessee came around lunch time. However, Tennessee has been historically uncertain to grow the gambling industry. And Colorado has also been thinking about the legalization of sports betting for some time. Colorado followed about an hour later with their votes. TN’s Senate committee approved the bill to be sent to the floor for a vote (scheduled). The Senate vote is expected within the following days. These two states are definitely moving in the right direction!
How Tennessee and Colorado receive Sports Betting Bill
The lawmakers in Tennessee voted 58-37 to accept the sports betting legislation. Many gamblers know that there were people who opposed the bill but to no avail. Millions of dollars will go into state revenues while getting rid of the illegal market that exists. The bill is Tennessee’s first online-only sports betting bill. TN has no casinos or retail gambling. Therefore, the legislators said it would be best that sports betting be done online. Although the Senate supports the House and the sports betting bill. The government would need to sign off.
Colorado voted to accept the bill that enables for a vote in November to legalize sports betting. Sadly, it’s now in the hands of the Senate to accept the bill. It needs to be signed by the government then voters can have their choice. When compared to the bills like in New Jersey and Tennessee that mobile betting, Colorado’s bill is not seen favorable. Even though Colorado has low tax rates, competition is limited to existing casinos, it’s going to be difficult to draw new companies to the state.
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