Voters in Colorado will decide Initiative 109 in the November 2026 general election, a measure that would require school and college athletic teams to be designated male, female, or co-ed based on biological sex criteria, thereby limiting transgender student participation. The initiative qualified for the ballot after Protect Kids Colorado submitted more than 168,000 signatures that were validated by the secretary of state earlier in 2026. Colorado’s status as a Democratic-leaning state, combined with active opposition campaigns such as Hands Off Colorado focused on turnout among LGBTQ+ voters and allies, contributes to the closely balanced trader consensus reflected in current pricing. Similar measures are also advancing in Arizona and Washington, providing comparative context on voter sentiment in blue and swing states. Developments that could shift odds include upcoming public polling on the specific initiative, campaign spending and advertising intensity in the final months, endorsements from state political figures or organizations, and any last-minute legal challenges or procedural rulings affecting ballot placement.