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Tuesday, March 28, 2023

Colorado’s sports betting industry needs more regulation, audit finds

Colorado regulators have not completed background checks for most Internet operators in the state’s nascent sports betting industry, potentially allowing operators with criminal backgrounds or financial conflicts of interest to operate, a state audit has found.

The audit, released Tuesday, also found discrepancies between some operators’ reported net income and their tax payments on those wages, making it possible that Colorado is losing tax revenue from the industry.

The audit said the Division of Gaming and Colorado Limited Gaming Control Commission, shortly after the expanded gaming was approved by voters in November 2019, issued provisional licenses to meet the May 2020 start date for valid sports betting. ran for

A preliminary background check was required for the provisional license. But the division and commission have not yet approved a backlog to complete more detailed criminal and financial background checks to issue permanent licenses to those operators, the state auditor’s office found.

World Nation News Desk
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