The tax revenue generated by sports betting in Colorado more than doubled last fiscal year to about $25.6 million, meaning a lot more money will be available for state water projects. The state’s sports betting tax revenue in the 2021-22 fiscal year was $12.4 million. Jared Polis’ office predicted that the 2022-23 fiscal year sports betting tax would be $24.1 million, so expectations were surpassed. Proposition DD, the 2019 ballot measure approved by voters legalizing sports betting, directed the state to spend almost all of the tax revenue generated by sports betting tax on the Colorado Water Plan. More than $310 million in sports betting wagers were placed in Colorado in June, all but $2.4 million made online.

Source: Daily Sun August 07, 2023 09:35 UTC