Revenue from sports gambling taxes in Colorado increasing

The state of Colorado has experienced a substantial increase in sports betting, with tax revenue reaching new heights. In January 2024, the total gross gaming revenue was reported to be $53,490,322.54, a significant jump from $35,482,561.83 in January 2023. Officials at the Colorado Division of Gaming are pleased with the steady growth in tax revenue.

Christopher Schroder, the director of the Colorado Division of Gaming, expressed his satisfaction with the tax revenue generated from sports betting. He mentioned that they had hit a milestone by reaching $4 million in tax revenue since the launch of sports betting in May 2020. The tax revenue is distributed to various entities, including the state historical fund, colleges and several counties.

One sports bettor in Colorado Springs, Trevor Lucht, shared his thoughts on the increasing popularity of sports gambling. He believes that the trend will continue to rise especially among the younger generation who find it appealing. However he also acknowledged the importance of being responsible when engaging in sports betting.

Schroder emphasized responsible gambling practices and stated that while the industry continues to grow it is essential to prioritize responsible gambling behavior. If you or someone you know is struggling with a gambling problem help is available through the 24-hour confidential hotline at 1-800-GAMBLER.

Overall Colorado’s growing sports betting industry reflects its rising tax revenue numbers. With proper oversight and responsible gambling practices Colorado’s sports betting industry is set for continued growth in future years.

By Sophia Gonzalez

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