00:00now let's get to colorado where like a lot of other states some states are trying to push
00:05legislation through which would ban prop bets but it seemingly is not happening pat virtually
00:11anywhere and this is with all of the stuff that's surrounded sports betting over the last
00:16year or so it just feels like these states know how much money comes in from them
00:19they're not willing to take them off the uh the options exactly and you know part of the reason
00:26a lot of states legalized sports betting was because of the potential revenue it could help
00:29bring in in tax wise and that is of course as we're facing bigger and bigger state budget deficits so
00:35all the money is welcome well in colorado you have this bill kind of putting up more guard rails to
00:41make it better for consumers which you're seeing a lot across the country and this bill did advance
00:47out of a committee it makes it so that sportsbooks can't limit bettors but they can't use uh credit
00:53cards to fund their accounts they can't make more than five deposits in 24 hours they can't advertise
01:00sportsbooks can't advertise during games things like that but this committee went ahead and stripped
01:05the prop bet ban out of it because of what you're saying the budget deficit in colorado is very high
01:12now what makes colorado interesting is almost all of the sports betting tax revenue
01:17in colorado goes to water projects which if you know anything about colorado and the rockies
01:22water is very important in that state so what they realized was the prop bets are a big driver of
01:28revenue and if you take that out more money would have to come from the general fund of the state
01:33which is already very short so they said you know what let's take this out maybe we can consider this
01:38again in the future what's interesting is how kind of conservative they were in their estimates of
01:45revenue that they were getting from it they said uh it would be about 2.4 million dollars
01:50uh actually 1.8 if you subtract what they were guessing from um the component of uh banning credit
01:56card funding but when louisiana tried to do this earlier this year they had a much bigger and they
02:01are very similar markets for the most part they had a much bigger projection of 28.9 million dollars
02:07per year so that's a huge discrepancy and if colorado would have went ahead and slipped this through
02:11that could have been a huge detriment to that budget deficit that they're facing and plus you
02:17know prop bets are you know a huge part of the sports betting ecosystem and if you ban those who
02:22knows where customers might go to find them elsewhere so that is of course what you're doing this bill
02:27hits the senate uh floor likely today and we'll see a third vote and maybe we'll have an update on
02:32whether or not this uh guardrail bill really fully passes the senate this year uh or not next week
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