In recent years, sports betting has become increasingly popular in Colorado, and this has led to a surge in tax revenue for the state. In January 2024, the total gross gaming revenue reached $53,490,322.54, a significant increase from the previous year’s number of $35,482,561.83. The Colorado Division of Gaming is pleased with the tax revenue generated and believes that this was the first time they hit $4 million in tax revenue since sports betting was launched in May 2020.
The tax revenue from sports betting goes to various entities, including the state historical fund, colleges, and several counties. Director Christopher Schroder emphasizes the importance of responsible gambling and ensuring that the industry continues to grow in a sustainable manner. He believes that by promoting responsible gambling practices, the industry can continue to flourish and provide benefits to the state and its residents.
One Colorado Springs sports bettor, Trevor Lucht, agrees with Schroder’s sentiment. He believes that as long as people gamble responsibly, the industry will continue to grow and bring more benefits to the state. He expects sports gambling to become even more popular among younger generations in the future.
While there is potential for vast revenue from sports gambling, Schroder stresses the importance of promoting responsible gambling practices. For anyone struggling with a gambling problem
