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Get the low-down on Colorado gambling regulations.
The Colorado Limited Gaming Control Commission is the regulatory authority that controls gambling in Colorado. This commission is made up of 5 members which are chosen by the Governor of Colorado. The responsibilities of this commission include declaring the rules and regulations that deal with limited gaming in the state of Colorado including the establishment of a tax rate for gaming. This commission also has authority in regards to gaming licenses in Colorado.
According to the law, this commission has to be comprised of members from different geographic, political and professional backgrounds. The Colorado Limited Gaming Control Commission must have the following types of members:
- A CPA or certified public accountant that has knowledge of corporate finance
- An attorney that is experienced in regulatory law
- An official from a law enforcement agency
- A registered voter
- A corporate-level manager that has at least 5 years of business experience
Additionally, this commission is not allowed to be comprised of more than 3 people that are in the same political party. No more than a single member can be from the same congressional voting district. The appointments to the Colorado Limited Gaming Control Commission need to be confirmed by the Colorado State Senate. The commissioners will serve 4 year terms and no commissioner can serve more than 2 terms consecutively. By law, the commission must meet at least once a month.
The Division of Gaming budget is administered and prepared by the Department of Revenue and as part of this process the commission approves and reviews the budget. The commission will then allocate funds to other departments in the state dealing with gambling.
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Would you like to learn more? Visit the following link for more details and information: colorado.gov.