Sports Betting Boosts Tax Revenue and Promotes Responsible Gambling in Colorado

Revenue from Colorado sports gambling taxes increasing

As sports betting grows in popularity in Colorado, officials are reporting a surge in tax revenue. In January 2024, the total gross gaming revenue reached $53,490,322.54, up significantly from the previous year’s number of $35,482,561.83. The Colorado Division of Gaming is pleased with the tax revenue generated and director Christopher Schroder noted that this was the first time they hit $4 million in tax revenue since sports betting was launched in May 2020.

The state is using the tax revenue generated from sports betting to various entities including the state historical fund and colleges. Schroder emphasizes the importance of responsible gambling practices and ensuring that the industry continues to grow in a sustainable manner. He believes that if people gamble responsibly, then the industry will continue to flourish.

One Colorado Springs sports bettor Trevor Lucht believes that sports gambling will continue to grow especially among younger generations. He thinks as long as people are responsible with their gambling habits then it will only lead to positive outcomes for both them and the industry as a whole.

While there is potential for vast amounts of revenue from sports gambling, Schroder emphasizes that promoting responsible gambling practices should be a priority for everyone involved in the industry. For anyone struggling with a gambling problem help is available through a 24-hour confidential hotline at 1-800-GAMBLER.

As officials continue to monitor and regulate sports betting in Colorado they remain optimistic about its potential and are committed to making sure it stays on track towards becoming an integral part of their economy while keeping it safe for everyone involved.

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