The benefits of legalized sports betting in Colorado are starting to emerge.
During its monthly meeting on Thursday, the Colorado Limited Gaming Control Commission (CLGCC) granted approval for the distribution of tax revenues collected from the state’s inaugural complete fiscal year of sports betting. A sum of $8.5 million was allocated to designated recipients, which encompassed the Colorado Water Plan.
According to the Colorado Division of Gaming (DOG), the Water Implementation Cash Fund has received $7.9 million, surpassing the initial estimate by five days. The Hold Harmless Fund, as stated in the release, has received the required 6% of its $488,782 distribution.
The Office of Behavioral Health received an annual distribution of $130,000. From this amount, $30,000 is allocated to Rocky Mountain Crisis Partners to operate a helpline for individuals struggling with gambling issues. The remaining $100,000 is designated for problem gambling services.
According to the report, in March, the DOG transferred $1.5 million to repay the state and general fund’s original investment in establishing the legalized sports betting market.
However, the most significant piece of information is the amount of money allocated to the Colorado Water Plan.
Colorado sports bets on ocean wins
By simply observing and experiencing the effects on your lungs, it becomes evident why water conservation holds such paramount significance. The ongoing dialogue surrounding the Western regions’ drought and subsequent wildfires remains incessant.
One of the main reasons why Colorado voters approved Proposition DD in November 2019 was the allocation of funds towards the state’s water plan. A mandatory 10% sports gambling tax was implemented to support Colorado Water, which played a significant role in the passing of the proposition.
The upcoming release of August revenue will reveal that the state of Colorado has witnessed over $3 billion in wagers since the introduction of legalized sports betting.
This marks the beginning of the Colorado Water Conservation Plan’s journey, as it coincides with the inaugural fiscal year of legalized sports betting. Moreover, the positive effects of this new legislation are already evident, especially when considering the Colorado Water Wins initiative that commenced in March. This campaign strives to ensure that the advantages of sports betting remain at the forefront of the minds of Colorado residents.
In Colorado, there is a wide array of sports betting options with 26 mobile apps and 17 physical sportsbooks currently accessible.
In the release, Dan Hartman, the director for the Division of Gaming, stated:
We are consistently amazed and inspired by the ongoing progress in our state and the enthusiastic reception of legalized entertainment by the people of Colorado. The credit for our achievements in establishing a thriving and dynamic market in Colorado goes to the supportive legislation, the overwhelming popular vote, strong industry partnerships with operators, and the passion of bettors. We are delighted to see these outcomes benefiting the residents of Colorado.
Just the beginning of what Colorado water does get
The $8.5 million in sports betting tax revenue is obtained from the net proceeds of sports betting. This tax structure was established by HB 19-1327, which enabled the legislation and defined the net earnings from sports betting. The total amount of bets, after deducting bonuses, player obligations, and federal excise taxes, makes up this sum.
Given that Colorado sports betting opened amidst a global epidemic with no significant U.S. events taking place, this is only the starting point for both this industry and the Colorado Water Plan.
