Colorado casinos are hoping to draw more out-of-state gamblers. To do so they are considering backing an initiative to raise the betting limit from $5.
Industry officials are in preliminary discussions of trying to put an initiative on the ballot in 2008. Colorado is the only state that limits bets to $5 (and the casinos must close at 2 a.m.)
According to Ameristar casinos, it is an option that they might use. There is not formal legislative effort yet. It is estimated that a statewide campaign to promote the matter would cost between $20 million and $25 million.
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It is also estimated that the future proposal would face adamant opposition. Some of the reasons for opposing the issue come from the need to prevent problem-gambling and gambling addiction. Among the preventive efforts that exist today and that the opposition tries to preserve are the closing hour and the limited stakes, which are very helpful in slowing the gamblers down.
In 1991, Colorado voters legalized limited-stakes poker, slot machines and at Black Hawk, Central City and Cripple Creek. The industry posted revenues of $765 million in fiscal 2006, and $100.1 million in taxes.
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