{"id":36563,"date":"2022-12-29T21:25:01","date_gmt":"2022-12-30T04:25:01","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/big-bump-in-colorados-sports-betting-tax-revenue-benefits-water-projects\/"},"modified":"2026-03-31T02:31:58","modified_gmt":"2026-03-31T08:31:58","slug":"big-bump-in-colorados-sports-betting-tax-revenue-benefits-water-projects","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/big-bump-in-colorados-sports-betting-tax-revenue-benefits-water-projects\/","title":{"rendered":"Big bump in Colorado\u2019s sports betting tax revenue benefits water projects"},"content":{"rendered":"

\"Denver
Denver Nuggets center Nikola Jokic defends against Sacramento Kings forward Harrison Barnes during the second half in Sacramento on Dec. 27. (Jos\u00e9 Luis Villegas\/The Associated Press)<\/span>Jos\u00e9 Luis Villegas<\/span><\/figcaption><\/figure>\n<\/p>\n

Colorado budget analysts expect tax revenue from sports betting to double in the coming year in what would amount to a touchdown, a field goal and a safety for the Colorado water projects.<\/p>\n

The Governor\u2019s Office of State Planning and Budgeting and the nonpartisan Legislative Council Staff project that sports betting tax revenues will be as high as $24 million in the 2022-23 fiscal year, which began July 1. Of that money, $22.5 million would go toward the Colorado Water Project, the plan aimed at ensuring Colorado has enough water for its growing population amid climate change-induced drought.<\/p>\n

The state collected only about $12.4 million in sports betting taxes in the 2021-22 fiscal year, which ended June 30, about $11.4 million of which will go toward the water plan. Hence, the touchdown ($6 million), field goal ($3 million) and safety ($2 million) analogy.<\/p>\n

Bryce Cook, chief economist for OSBP, said the reason for the big forecast increase is that the legislature passed a bill this year limiting the number of free bets that sports betting operators can offer starting Jan. 1. (Colorado imposes a 10% tax on casinos\u2019 net sports betting proceeds. A free bet doesn\u2019t generate any proceeds.)<\/p>\n

\"Colorado
Colorado Avalanche center Evan Rodrigues, left, scores a goal past New York Islanders goaltender Ilya Sorokin, right, during a shootout Dec. 19 in Denver. (David Zalubowski\/The Associated Press)<\/span>David Zalubowski<\/span><\/figcaption><\/figure>\n<\/p>

\u201cWe\u2019ve also just seen record wagers this year in sports betting,\u201d Cook said.<\/p>\n

When voters passed Proposition DD in 2019, allowing sports betting in Colorado, nonpartisan legislative analysts expected Colorado to make about $16 million each year in sports betting tax revenue. The state is authorized to collect up to $29 million in sports betting tax revenue annually under the Taxpayer\u2019s Bill of Rights.<\/p>\n

The OSPB, in its quarterly economic and tax revenue forecast presented to the legislature\u2019s Joint Budget Committee on Dec. 20, said the agency expects the state to collect $25 million in sports betting tax revenue in the 2023-24 fiscal year and $27 million in the 2024-25 fiscal year.<\/p>\n

Legislative Council Staff had similar sports betting tax revenue projections, forecasting $22 million in the current fiscal year, $26.2 million in the 2023-24 fiscal year and $28.9 million in the 2024-25 fiscal year.<\/p>\n

October was the second highest month in terms of total sport betting wagers in Colorado since sports betting began in Colorado in May 2020. About $526 million was wagered, a 17% increase over the prior month and a 7.2% year-over-year increase.<\/p>\n

The October wagers netted the state $2.3 million in tax revenue.<\/p>\n

Read more at The Colorado Sun<\/div>\n

The Colorado Sun is a reader-supported, nonpartisan news organization dedicated to covering Colorado issues. To learn more, go to coloradosun.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Colorado budget analysts project that sports betting tax revenues will be double what was collected in the prior year <\/p>\n","protected":false},"author":1,"featured_media":36564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[1253,28,29],"naviga_topic":[],"class_list":["post-36563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-gambling","tag-headlines","tag-newsletter"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/36563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=36563"}],"version-history":[{"count":1,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/36563\/revisions"}],"predecessor-version":[{"id":83381,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/36563\/revisions\/83381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/36564"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=36563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=36563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=36563"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=36563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}