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Last Thursday, the Department of Revenue’s Division of Gaming in Colorado released a statement that shared some great news for its residents regarding how revenue generated by legal sports betting will begin benefiting the state’s water projects and more.
According to the news release, the Colorado Limited Gaming Control Commission (CLGCC) has just approved the distribution of $8.56 million in tax revenue to various beneficiaries in the state with the major recipient ($7.9M) being the Colorado Water Plan.
The Colorado Water Plan is a “framework for solutions to its water challenges” that is used to “guide future decision-making to address water challenges” to create “a sustainable water future” for its residents.
There are also a few other recipients benefiting from this new revenue source, including the Hold Harmless Fund ($489k), the Office of Behavioral Health ($130k), problem gambling services ($100k), and the state gambling hotline ($30k).
It’s all according to a plan that started well over a year ago.
Colorado residents voted for legal sports betting back in 2019 when they voted for Proposition DD at the polls in November, with actual sports betting launching on May 1, 2020, evolving in scope and profitability ever since.
The fact that sports betting revenue is now benefitting the Centennial State might not surprise gaming director Hartman, but the level to which Colorado citizens have participated in this new form of “entertainment” sure has.
We are constantly amazed and impressed with … how Coloradans have embraced this new form of legalized entertainment. The enabling legislation, the vote of the people, the industry relationships with operators, and the enthusiasm of bettors have all contributed to our success in creating a healthy, competitive Colorado market.
Like a lot of other states in the U.S., Colorado is realizing that sports betting has existed forever in that area, and now by legalizing, regulating, and taxing that existing cash flow those tax dollars can be channeled back into the state.
And that benefits anyone who lives there, which makes director Hartman understandably ecstatic.
We are happy how these results translate into wins for the citizens of Colorado.
Ever since Colorado sports betting launched back in 2020, it has been estimated by industry specialists that bettors in the state have wagered almost $1.8 billion and counting, and with a 10% tax rate applied, that equates to big money pouring into Colorado’s water projects and elsewhere.
And considering Colorado is home base for five major sports teams – the NFL’s Denver Broncos, the NBA’s Denver Nuggets, the MLB’s Colorado Rockies, the NHL’s Colorado Avalanche, and MLS’s Colorado Rapids – expect that sports betting revenue to keep flowing.
Check back here for all the latest news and updates that affect Colorado’s exciting new sports betting operation.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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