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Posted: September 23, 2021, 10:55 am
Last updated: September 24, 2021, 8:49 AM.
Colorado gaming officials said Thursday that the state’s first full legal sports betting year generated nearly $ 8 million in tax revenue. This will help the state implement its water sustainability plan.
The Colorado Limited Gaming Control Commission approved the division at its meeting on Thursday.
Overall, the state received nearly $ 8.6 million in revenue, of which $ 1.6 million was reduced by state gaming officials to the general fund in March to cover start-up costs covered from the start of the investment in May 2020.
In addition to sending more than $ 7.9 million to the Colorado Water Plan, nearly $ 490,000 had been set aside for the casino fund. This money is set aside to cover all net retail revenue from online betting.
The rest, $ 130,000, was allocated to the Behavioral Health Agency for problematic gaming services. Rocky Mountain Crisis Partners will receive $ 30,000 from this to maintain a problematic game hotline.
Colorado achieves a $ 3 billion handle in 16 months
The Colorado Water Plan was drawn up in November 2015 to ensure that states ’long-term water needs are met in the face of climate change and other state challenges. One of these key issues is the Continental Divide, which runs through the state in the Rocky Mountains. The division makes 80 percent of the water flow west of the mountains. But 90 percent of the state’s population lives on the east side.
To fund the plan, state legislators took the initiative during the 2019 session to have a referendum voted in November. Voters approved the measure with a narrow 50.7 per cent to 49.3 per cent, which is about 20,000 votes.
Since its launch in May 2020, the state has approved licenses for 17 retail sports betting casinos and 25 mobile apps. Licensed facilities bettors have invested more than $ 3 billion in sports such as football, basketball, baseball, hockey and table tennis.
Despite funding for the water plan, which represents less than 1 percent of actual contributions, government officials remain pleased with the results to date.
We are constantly amazed and impressed by the continued growth of our state and how Coloradians have embraced this new form of legal entertainment, said Dan Hartman, director of the Colorado Gaming division. in creation. We are happy about how these results mean profits for the people of Colorado.
The state taxes net income to 10 percent. But this fee comes after operators deduct free bets and federal excise duty.
The NFL Kickoff Jump launches bettors
According to a Denver Post article on Thursday, state game officials were excited to see the start of the football season.
Hartman told the newspaper that the 16-game NFL opening weekend generated about $ 44 million. These games alone would account for about a quarter of the $ 181.3 million care reported by the state throughout July.
Keep in mind that while a handle can be a great way to measure interest, it really doesn’t indicate how much income Colorado gets. This is because it is not known how many bettors won. Also, since it’s the opening weekend and a few sports bookmakers like MaximBet and Tipico have just launched, many bettors are likely to take advantage of free bets and sign-up bonuses that will further reduce the tax liability on their books.
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