Colorado Governor Jared Polis has signed a new betting bill into law, introducing new restrictions on the wagering sector. The new measures seek to bolster the state’s problem gambling prevention capabilities.
The Bill Envisions Major Changes to How Gaming Is Regulated
SB 26-131 was introduced in February this year and made quick strides, securing strong backing in the Colorado Senate. The measure outlines a package of new restrictions for sports betting companies. Among other things, the bill proposed improving the mandated safer gambling measures and providing the Colorado Gaming Control Commission (CGCC) with extra enforcement capabilities.
In order to minimize harmful gambling and over-spending, Colorado’s SB 26-131 proposed banning credit card gambling. In addition to that, the measure proposed limiting the maximum number of player deposits that operators can accept to six a day in order to prevent compulsive gambling and loss chasing.
While loss limits are not new, it should be noted that limiting the number of daily deposits is unlike any other regulation in the US so far.
SB 26-131 also outlined gambling marketing changes, including the prohibition of push notifications and a ban on targeting minors with gambling ads.
However, a proposed prop bets ban and a 10 pm – 8 am gambling ads window did not make it to the final version of the bill.
Violators Face Fines and Potential License Revocation
In mid-May, the measure passed the Senate, heading to Gov. Polis’s desk. On June 1, Polis signed it into law, officially enforcing the measures present in the final version.
The new restrictions are set to come into effect from August 12. Per the new bill, violating Colorado’s gambling rules could result in a license suspension, or even revocation. Additionally, the CGCC has been allowed to impose fines of up to $25,000.