Sports Betting Surges in Colorado: State Reaps Record $53 Million in Tax Revenue

Revenue from Colorado sports gambling taxes increasing

In January 2024, the state of Colorado reported a significant surge in tax revenue generated from sports betting. The total gross gaming revenue reached $53,490,322.54, an impressive increase from the previous year’s number of $35,482,561.83. The Colorado Division of Gaming is thrilled with the tax revenue generated and notes that this was the first time they hit $4 million in tax revenue since sports betting was launched in May 2020.

The tax revenue from sports betting goes to various entities such as the state historical fund, colleges, and several counties. Director Christopher Schroder emphasizes the importance of responsible gambling and ensuring that the industry continues to grow in a sustainable manner. He believes that by promoting responsible gambling practices, anyone struggling with a gambling problem can get help through a 24-hour confidential hotline at 1-800-GAMBLER.

One Colorado Springs sports bettor, Trevor Lucht, believes that the trend of sports gambling is expected to continue growing especially among the younger generation. He thinks that as long as people gamble responsibly, the industry will continue to flourish. While there is potential revenue from sports gambling available for states like Colorado to reap it’s important not to overlook its impact on individuals and communities if it isn’t managed responsibly it can have negative consequences for some people and society as a whole.

State officials are optimistic about the revenue potential from sports betting but are committed to making sure it’s managed responsibly so that everyone can benefit from it without any negative consequences.

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