Revenue from sports gambling taxes in Colorado increasing

The state of Colorado has experienced a remarkable surge in sports betting activity, with tax revenue reaching unprecedented heights. In January 2024, the total gross gaming revenue was reported to be $53,490,322.54, a staggering 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.

Christopher Schroder, the director of the Colorado Division of Gaming, expressed his satisfaction with the tax revenue generated from sports betting. He highlighted that in January 2024, they surpassed a significant 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, colleges and several counties.

One sports bettor in Colorado Springs, Trevor Lucht shared his thoughts on the increasing popularity of sports gambling. He believes that the trend will continue to rise among younger generations who find it appealing but emphasized responsible gambling practices must be prioritized. “It’s important not to let gambling control your life or cause financial problems,” said Lucht.

Schroder underscored the need for responsible gambling practices and stated that while the industry continues to grow, it’s essential to prioritize responsible behavior. He also pointed out that there’s potential revenue from sports betting is limitless if people engage responsibly.

Overall, Colorado is seeing a significant increase in sports betting activity reflected by rising tax revenue numbers. With proper oversight and responsible gambling practices, the sports betting industry is positioned for continued growth in Colorado’s future.

By Samantha Johnson

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