Sports activities betting generates $12.4 million in tax income in second 12 months of operation

Colorado water plan emerges as the large winner

The Colorado Restricted Gaming Management Fee (CLGCC) introduced final week that it accredited distributions from tax income of $12.45 million collected within the second fiscal 12 months of professional sports activities betting to designated beneficiaries, together with the Colorado Water Plan.

Sports activities betting is permitted in designated places and on-line apps in Cripple Creek and two different Colorado gaming communities. The trade has grown considerably, though gaming cities themselves will not be producing any income. This is a matter that’s being reviewed legislatively, as gaming city leaders are demanding a share of the income pie as they bear the impression.

In response to a division press launch, a complete of $12,236 million was accredited for distribution to focused beneficiaries, with the Water Implementation Money Fund receiving nearly all of out there funding with a complete of $11,36 million, a 43% enhance over distribution. $7.95 million from fiscal 12 months 2020-21.

Extra distributions from tax income from sports activities betting embrace the required 6% distribution for the Maintain Innocent Fund, totaling $746,726.88. The Workplace of Behavioral Well being additionally acquired an annual distribution of $130,000, of which $30,000 is designated to help the operation of an issue playing hotline, and $100,000 is appropriated to downside playing providers.

Tax income collected by the state relies on web sports activities betting earnings figures. The sports activities betting tax construction was licensed within the enabling laws, HB 19-1327, and the web sports activities betting proceeds calculation was established because the sum whole of all bets, together with free bets, all payouts to gamers and all federal merchandise. Charges weren’t included.

Since legalization started on Could 1, 2020, greater than $7.88 billion has been positioned by sports activities bookmakers inside Colorado borders. The Colorado sports activities betting market has grown from 4 authentic on-line operators that opened that opening day to 24 Web operators and 15 retail places.

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