COLORADO SPRINGS, Colo. (KKTV) – More Colorado residents are betting on sports and state official say tax revenue is soaring.
According to state data, total gross gaming revenue (gross wagers minus payments to players) in January 2024 came out to $53,490,322.54, far above the number recorded in January 2023 of $35,482,561.83.
Those at the Colorado Division of Gaming said they like what they see when it comes to the tax revenue generated.
“We continue to see strong numbers month over month and year over year,” director Christopher Schroder said. “In January, we saw our first time we ever hit $4 million in tax revenue since sports betting launched in May 2020.”
He said the the tax revenue goes to a number of places.
“Primarily this goes to the state historical fund, it goes to the colleges, Central City, Blackhawk, Cripple Creek, Gilpin and Teller counties and all remaining funds are given to the Water Plan implementation cash fund,” Schroder said.
One Colorado Springs sports bettor said he’s not surprised that sports gambling continues to grow in popularity.
“I think the trend is going to keep going upwards,” Trevor Lucht said. “A lot of the younger generation likes to sports bet, essentially, they think it’s free money which it pretty much is until taxes hit.”
Schroder said there is no telling just how much revenue sports gambling could net the state.
“I think the sky is the limit, but I also think that it’s important to recognize that our goal is for it to be done responsibly,” he said.
If you think you or someone you love has a gambling problem, help is available. You can reach the 24 hour confidential hotline by calling or texting 1-800-GAMBLER.
Copyright 2024 KKTV. All rights reserved.
