As Colorado’s Department of Revenue moves closer to setting up regulations around exchange wagering, it held a stakeholder workshop on Monday to discuss the latest proposed rules. The regulator set a March 1 deadline for public comments about the proposed rules and said that the soonest it could reconvene to either continue discussions or begin the approval process would be later in March.
Exchange wagering is currently only legal and live in New Jersey.
Representatives from several exchange wagering operators asked questions at the virtual meeting and indicated that they would submit public comments. The proposed rules not only define what exchange wagering is, but define what an exchange is, exchange wagering systems, exchange bets, and how exchange bets are paid.
To date, no entity is approved to operate a betting exchange in the state, though Sporttrade is operating in Colorado as an internet sports betting operator. Sporttrade and Prophet Exchange are live and offering exchange wagering in New Jersey, while Novig Laboratories debuted its platform in Colorado in January.