Colorado sports betting generates $8.5m in taxes for first fiscal year
Sports betting tax revenues will help fund the state’s water plan.
Colorado legalized sports betting produced more than $8.5m in taxes for the fiscal year of 2020-21 and much of that revenue will go towards the state’s water plan.
The Water Plan Implementation Cash Fund received $7.9m of FY 2021 sports betting tax revenues, while $489,000 went to Hold Harmless Fund.
Another $130,000 to the Office of Behavioral Health, which funds problem gambling services.
Colorado launched sports betting in May of 2020 after voters approved the activity in November 2019. More than $3bn has been wagered in that time as the state has grown its market from an initial four online operators to 25 today along with 17 retail sportsbooks.
Sports betting is taxed at 10% on casinos’ net proceeds.
“We are constantly amazed and impressed with the continued growth we see in our state and how Coloradans have embraced this new form of legalized entertainment,” said Dan Hartman, director of the Colorado Division of Gaming. “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. We are happy how these results translate into wins for the citizens of Colorado.”
Colorado’s market is showing no signs of slowing down. Approximately $44m was wagered on the first weekend of NFL games, Division of Gaming director Daniel Hartman told the Denver Post.
Among the operators getting in on the Mile High action is 888 Holdings, which recently launched SI Sportsbook.
SI Sportsbook enters a competitive online market, where mobile wagers regularly account for 98% or more of all handle.
Colorado is expected to release August revenue figures in the coming weeks.
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