Sports Betting Boosts Colorado’s Economy with Record-Breaking Tax Revenue

Revenue from Colorado sports gambling taxes increasing

Colorado’s booming sports betting industry is bringing in significant tax revenue for the state, officials reported. In January 2024, the total gross gaming revenue reached $53,490,322.54, up from $35,482,561.83 the previous year. The Colorado Division of Gaming is thrilled with the tax revenue generated and director Christopher Schroder noted that it was the first time they hit $4 million in tax revenue since sports betting was launched in May 2020.

The money generated from sports betting goes towards a variety of entities including the state historical fund, colleges and several counties. Schroder emphasizes the importance of responsible gambling and making sure that the industry continues to grow in a sustainable manner. He believes that as long as people gamble responsibly, the industry will continue to thrive.

One Colorado Springs sports bettor, Trevor Lucht, agrees with Schroder and believes that sports gambling will continue to grow among younger generations especially if they gamble responsibly. He believes that as long as people are aware of their limits and only bet what they can afford to lose then it will be good for both them and the industry.

While there is potential for vast revenue from sports gambling in Colorado, Schroder reminds everyone about promoting responsible gambling practices. For anyone struggling with a gambling problem help is available through a 24-hour confidential hotline at 1-800-GAMBLER.

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