Colorado is showing how beneficial the legal sports betting industry can be to the community. The state’s water projects are getting a solid $7.9 million boost from the activity. The money was collected from the tax revenue of the legalized sports betting during the first fiscal year.
Since Sports Betting Was Approved, Over $3 Billion Have Been Wagered
In a news release on Thursday, the Department of Revenue’s Division of Gaming stated that the Colorado Limited Gaming Control Commission (CLGCC) approved a total of $8.56 million tax revenue to be distributed to various beneficiaries. The main beneficiary is the Colorado Water Plan.
The 2019 law came after voters voted to legalize sports betting to collect tax money and use it to fund the water projects in the state. Betting on sports took off on May 1, 2020, while Proposition DD was approved in November 2020. After that, the state became far more lenient towards wagering activities as they proved to be extremely beneficial. In May 2021, Colorado even dropped the maximum bet limits at casinos and added a few new games.
According to the state’s data, ever since sports wagering was legalized, a total of $3 billion has been wagered on various events. The Colorado Water Plan wasn’t the only beneficiary from the tax revenue; a few other organizations were able to receive some help, as well.
As revealed by the division, the Hold Harmless Fund received $488,782 for entities that may have smaller revenue as a result of legal sports betting. The Office of Behavioral Health additionally received $130,000, problem gambling services received $100,000 and the state gambling hotline received $30,000.
A New Form of Entertainment
The Director of the Division of Gaming, Dan Hartman, stated that the organization is constantly impressed and amazed with the growth that it sees in the state, especially in how the residents of Colorado have welcomed the new form of entertainment.
He added that there were many contributors towards the creation of a competitive, healthy market in Colorado. Some of those contributors include the vote of the people, the legalization of sports betting in the state and the relationships that the industry has with the operators, as well as the massive enthusiasm from the bettors.
Hartman concluded by saying that the Division of Gaming is happy to see the way that the results have translated into wins for the Colorado citizens.
The Sports Betting Market in Colorado is Growing
Ever since sports betting was legalized in Colorado, the market has been growing at a fast rate. Currently, there are 17 brick-and-mortar locations that are licensed by the state, as well as 25 online operators.
Additionally, the state officials announced earlier this month that Tipico plans to open a tech hub and create over 400 jobs. Tipico is a European online sports betting company.