Favourable gaming laws could have been the last piece of the puzzle needed to tap Colorado’s Poker Market fully. As the November 3 election comes to pass, Colorado residents ensured they wouldn’t miss the chance to make wagering in poker activities more fun and profitable.
Citizens from gaming hotbeds passed the Colorado Amendment 77, which will see casinos increase betting limits in different games, including poker. The amendment was fronted by nearly 60% majority votes to set the discourse in motion.
Colorado’s gaming hubs include Cripple Creek, Black Hawk, and Central City. The amendment was sponsored and spearheaded by the region’s top betting operators including the Monarch Casino Resort, the newly merged Caesars Entertainment Inc., and Penn National. The operators argued that the revenues from the tax would help increase literacy levels in the community as the funds are pumped to colleges and gradual programs.
The new legislation will also see the market opening up to wagering on the latest casino games.
The 2008 Colorado Amendment 50
On November 4, 2008, Colorado residents passed the Amendment 50 with a majority vote to cap the maximum wagering limit to $100. This rule did not only limit players from maxing out their capabilities but also reduced the fun.
The current poker market landscape is dominated by huge bankrolls and prize pools to make the game more fun and rewarding to its hardworking players. The 2008 law left popular games such as hold’em to attract a spread limit of $2-$100 in venues like Golden Gates Poker Parlour.
It is also important to note that this role influenced the number of participants in notable poker tournaments that take place in the region like the Heartland Poker Tour (HPT).
Consequently, the state government lost much in terms of revenues and economic growth. Remember, most visitors spend in the state when they travel from different parts of the nations to attend these tournaments.
The New Legislation Gets Local Validation
Cripple Creek’s mayor welcomed the measure passed by Colorado residents terming it as a stepping stone to taking control of their future. He also noted that things might not change immediately, but a new dawn is just at the horizon. The same sentiments were echoed by the Colorado Gaming Association, which will oversee the regulation and licensing of operations. Colorado Chamber of Commerce also threw weight behind the initiative noting it’s a nice gesture towards economic development.
Colorado State proposes a revenue system that will see 78% of the total gambling tax invested in education. 12% of the tax will benefit the counties of Gilpin and Teller, while the rest goes to the gaming hub towns. This opens up Colorado to more intense poker tournaments like the Colorado Poker Championship, and the World Series of Poker Circuit.