Revenue from sports gambling taxes in Colorado increasing

Sports Betting in Colorado: Booming Industry Drives Tax Revenue to New Heights as Younger Generation Embraces the Trend

In January 2024, the state of Colorado reported a significant increase in sports betting activity, with tax revenue reaching new heights. The total gross gaming revenue was reported to be $53,490,322.54, a substantial increase from $35,482,561.83 in January 2023. Officials at the Colorado Division of Gaming are pleased with the steady growth in tax revenue.

One sports bettor in Colorado Springs, Trevor Lucht, shared his thoughts on the increasing popularity of sports gambling. He believes that the trend will continue to rise, especially among the younger generation who find it appealing. However, he also acknowledged the importance of being responsible when engaging in sports betting.

Christopher Schroder, director of the Colorado Division of Gaming, expressed his satisfaction with the tax revenue generated from sports betting. He mentioned that they hit a milestone by reaching $4 million in tax revenue since the launch of sports betting in May 2020. The tax revenue is distributed to various entities such as the state historical fund and colleges among several counties.

Schroder emphasized the need for responsible gambling practices and stated that the potential revenue from sports betting is limitless while acknowledging that if you or someone you know is struggling with a gambling problem help is available through the 24-hour confidential hotline at 1-800-GAMBLER.

Overall, it appears that sports gambling is gaining traction in Colorado and it’s reflected in rising tax revenue numbers. With proper oversight and responsible gambling practices in place; The industry continues to grow and could potentially generate even more money for various entities in future years.

Leave a Reply

Top Aluminum Producer in the World Faces Supply Risk of Raw Materials from Guinea Previous post Guinea Becomes Critical Supplier for China, Leaving Aluminum Corp. of China Ltd. Vulnerable to Disruptions in Supply
Ex-Senator Joseph Lieberman, a staunch friend of Israel, passes away in New York: We will miss you, Joe Next post Connecticut Senator Joe Lieberman remembered by Israeli Prime Minister Benjamin Netanyahu: A tribute to an honest public servant who defended the Jewish people