The sports betting industry in Colorado is experiencing a surge, with tax revenue reaching new heights. In January 2024, the total gross gaming revenue was reported to be $53,490,322.54, an increase 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, 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 such as the state historical fund and colleges.
One sports bettor in Colorado Springs, Trevor Lucht, shared his thoughts on the increasing popularity of sports gambling. He believes that it will continue to rise among younger generations who find it appealing but also emphasized the importance of responsible gambling practices.
Schroder emphasized responsible gambling practices and stated that the potential revenue from sports betting is limitless if proper oversight and responsible gambling behavior are prioritized. 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.
In conclusion, Colorado is seeing a significant increase in sports betting activity which reflects in rising tax revenue numbers. With proper oversight and responsible gambling practices, the sports betting industry in Colorado is poised for continued growth in the future.