Sports Betting Booms in Colorado: State Officials See Tax Revenue Surge, Emphasize Responsible Gaming

Revenue from Colorado sports gambling taxes increasing

As sports betting becomes increasingly popular in Colorado, state officials are pleased to report 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. This represents the first time that the Colorado Division of Gaming has hit $4 million in tax revenue since sports betting was launched in May 2020.

The tax revenue generated from sports betting goes to various entities, including the state historical fund, colleges, and several counties. Director Christopher Schroder emphasizes the importance of responsible gambling and ensuring that the industry continues to grow in a sustainable manner. He believes that as long as people gamble responsibly, the industry will continue to flourish.

One Colorado Springs sports bettor, Trevor Lucht, agrees with Schroder’s sentiment and believes that the trend of sports gambling is expected to continue growing among younger generations. He expects people to become more comfortable with gambling as it becomes more normalized and accessible through online platforms. However, Lucht also stresses the importance of responsible gambling practices and encourages anyone struggling with a gambling problem to seek help through resources such as a 24-hour confidential hotline at 1-800-GAMBLER.

As sports betting continues to gain traction in Colorado, state officials remain optimistic about its potential for generating revenue while also emphasizing responsible practices within the industry.

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