SB 22-117

Senate Bill 22-117 changes how Colorado racetracks or simulcast facilities calculate their income from out-of-state betting on horse and greyhound races. Currently, these facilities can only keep a certain percentage of the total money they receive from in-state bets. The bill updates this rule to allow them to deduct costs like signal fees and taxes paid to other states before calculating that capped percentage for out-of-state bets. This affects racetracks and simulcast operators who accept bets placed outside Colorado. Since the status is "signed," the changes have been approved by both houses of the legislature and signed into law, meaning these new rules are now in effect.

Official Summary

Current law prohibits a racing or simulcast facility licensee for the racing of greyhounds or horses to take more than a certain percentage of the gross receipts of any pari-mutuel wagering on the races or simulcast races. The bill states that, when "gross receipts" is used in reference to money received by a licensee from an out-of-state simulcast facility, the term means money received by the licensee after the out-of-state simulcast facility has deducted the costs, signal fees, and taxes that it is required to pay to its regulatory and taxing authorities.(Note: This summary applies to this bill as introduced.)