Colorado voters approve sports betting

Colorado has become the 19th state to legalize sports betting.

Voters this week narrowly approved Proposition DD, with 51.16 percent in favor of the measure. The law, which takes effect on May 1, allows for both mobile sports betting and the opening of sportsbooks.

Residents will be able to bet on professional, college, motor and Olympic sports.

Colorado joins Illinois, Montana, New Hampshire, North Carolina and Tennessee in approving sports betting this year.

Under the state law, casinos or any entity licensed to take bets will pay a 10 percent tax on profits from sports betting, with the tax monies collected earmarked to help fund the Colorado Water Plan.

--Field Level Media