The tax profits generated by athletics betting in Colorado more than doubled previous fiscal year to about $25.6 million, this means a ton a lot more dollars will be out there for point out h2o assignments.
The haul, gathered from July 1, 2022, as a result of the conclude of June, was a 106% improve in excess of the earlier fiscal yr, in accordance to the Colorado Department of Revenue. The state’s athletics betting tax income in the 2021-22 fiscal calendar year was $12.4 million.
The large raise was expected in the 2022-23 fiscal 12 months after the legislature passed a invoice in 2022 limiting the variety of free of charge bets that sports betting operators could offer you starting up Jan. 1, 2023.
Colorado imposes a 10% tax on casinos’ net sporting activities betting proceeds. A totally free bet does not generate any proceeds.
The Office of Condition Planning and Budgeting in Gov. Jared Polis’ workplace predicted that the 2022-23 fiscal calendar year sports betting tax would be $24.1 million, so anticipations were surpassed.
Proposition DD, the 2019 ballot evaluate accredited by voters legalizing sports betting, directed the condition to spend practically all of the tax income produced by sports activities betting tax on the Colorado H2o System. The prepare involves jobs aimed at making ready Colorado for a developing populace in a hotter, drier local weather.
When Proposition DD was drafted, nonpartisan legislative analysts envisioned Colorado to make about $16 million just about every year in new tax earnings. The point out is authorized to collect up to $29 million in sports betting tax profits per year beneath the Taxpayer’s Monthly bill of Legal rights before the legislature ought to possibly refund the excessive or request voters to let the point out exceed the cap.
More than $310 million in sporting activities betting wagers were being put in Colorado in June, all but $2.4 million produced on the internet. That was down from $385 million in May, when the Denver Nuggets had been on their way to profitable their initial NBA title.
In November 2022, there were $552.6 million in athletics wagers positioned in Colorado, even though in January there had been $547.2 million in bets.
There have been far more than $13 billion in sports wagers manufactured in Colorado since lawful sporting activities betting started in Could 2020. Basketball has been the prime sport wagered on, at much more than $3 billion.
See the chart below for a breakdown of how considerably was wagered in Colorado by sport from May well 2020 as a result of April 2023:
CORRECTION: This story was current at 3:06 p.m. on Monday, Aug. 7, 2023, to appropriate when the Denver Nuggets received their NBA title. They won the title in June.