• Sat. May 25th, 2024

Colorado’s Sports Betting Industry Surges with $53 Million in Gross Gaming Revenue and Rising Tax Incomes

BySamantha Nguyen

Mar 28, 2024
Revenue from sports gambling taxes in Colorado increasing

In January 2024, the state of Colorado experienced a significant increase in sports betting activity, resulting in tax revenue reaching new heights. The total gross gaming revenue was reported to be $53,490,322.54, an impressive increase from $35,482,561.83 in January 2023. Officials at the Colorado Division of Gaming are thrilled with the steady growth in tax revenue and have expressed their satisfaction with the industry’s continued success.

Christopher Schroder, director of the Colorado Division of Gaming, shared his excitement about the tax revenue generated from sports betting. He noted that they had reached a milestone by hitting $4 million in tax revenue since launching sports betting in May 2020. The tax revenue is distributed to various entities, including the state historical fund, colleges and several counties.

Trevor Lucht, a sports bettor in Colorado Springs, believes that the trend of increasing popularity of sports gambling will continue to rise among younger generations who find it appealing. However, he also emphasized the importance of responsible gambling practices.

Schroder emphasized that while the potential revenue from sports betting is limitless if we prioritize responsible gambling behavior. With proper oversight and ethical practices, the sports betting industry is poised for continued growth in Colorado.

Overall, this increase in sports betting activity reflects on rising tax revenue numbers indicating that this trend will continue to grow with proper regulation and ethical practices.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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