Governor Jared Polis has signed Senate Bill 26-131 into law, bringing about new sports betting restrictions in Colorado.
This bill, passed by the State Senate in mid-May, will take effect from August 12th and comes with a number of consumer protection elements in addition to increasing the enforcement powers of the Colorado Gaming Control Commission (CGCC).
Under the new regulations, operators will face possible suspension or revocation of their licences if they violate any of the new regulations and the CGCC is allowed to issue fines of up to $25,000 for unlawful conduct.
One of the major changes that this law enacts is prohibition against accepting credit card deposits for sports betting accounts.
In addition to prohibiting credit card deposits, operators can accept no more than six separate deposits from an individual per day. Although deposit limits have been seen as a responsible gambling tool, a legal cap on deposit frequency has never been done before in the US.
As these restrictions will be effective in August, industry participants will be keeping an eye on future revenue reports to determine if the restrictions are affecting either operator performance or consumer betting activity in any way.
