Sports Betting Boosts Colorado’s Economy and Tax Revenue: What’s Next for the Industry?

Revenue from Colorado sports gambling taxes increasing

In Colorado, the popularity of sports betting is on the rise and this has led to a surge in tax revenue for the state. In January 2024, the total gross gaming revenue reached $53,490,322.54, a significant increase 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 tax revenue generated from sports betting goes to various entities including the state historical fund, colleges and several counties. Schroder emphasizes the importance of responsible gambling and ensuring that the industry continues to grow in a sustainable manner. He believes that as long as people gamble responsibly, the industry will continue to flourish.

According to one Colorado Springs sports bettor, Trevor Lucht, he expects the trend of sports gambling to continue growing especially among younger generations. He believes that if people continue to gamble responsibly then it will lead to sustainable growth in the industry.

While there is vast potential for revenue from sports gambling Schroder emphasizes that promoting responsible gambling practices should be at the forefront of any efforts related to sports betting in order for it to be managed effectively and sustainably. For anyone struggling with a gambling problem help is available through a 24-hour confidential hotline at 1-800-GAMBLER

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