With the increasing popularity of sports betting in Colorado, state officials are reporting a surge in tax revenue. 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, with director Christopher Schroder noting that this was the first time they hit $4 million in tax revenue since sports betting was launched in May 2020.
The tax revenue 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.
According to one Colorado Springs sports bettor, Trevor Lucht, the trend of sports gambling is expected to continue growing, especially among the younger generation. He believes that as long as people gamble responsibly, the industry will continue to flourish.
While the potential revenue from sports gambling is vast, Schroder emphasizes the importance of promoting responsible gambling practices. For anyone struggling with a gambling problem, help is available through a 24-hour confidential hotline at 1-800-GAMBLER.
As sports betting continues to gain traction in Colorado, state officials are optimistic about the revenue potential and are committed to ensuring that it is managed responsibly.