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Coloradans place $2.3 billion in wagers in first year of legal sports betting – Denver, Colorado

Denver, Colorado 2021-05-11 13:28:49 –

Denver — Coloradans took advantage of the state’s legalization of sports betting last year to place a $ 2.3 billion bet in the first year of the bill.

From May 1, 2020 to April 30, 2021, stakes totaled $ 2,325,477,052 and total revenue from the sports betting business was $ 148,103,448.

According to the Colorado Revenue Service, the total net income was $ 65,962,159.

By April, the state had collected more than $ 5.5 million in taxes on its income.

Colorado voters barely passed the Sports Betting Act in November 2019. This program was designed to provide tax revenue to the state’s water program. With $ 130,000 in operating costs and $ 130,000 for gambling addiction services, tax revenues from sports betting will go to the Water Fund, which needs to raise about $ 3 billion.

By the end of 2020, the state had covered these operating costs and collected over $ 3 million in taxes.

State officials said the first year of sports betting exceeded their expectations. In particular, legal sports betting has begun and all US sports have been closed during the COVID-19 pandemic.

There was also question about how much income sports betting would bring to the state.

State Joint Budget Committee Memo predicted lower tax revenue More than expected from sports betting, Colorado warns that it may be able to generate only a small portion of previously reported revenue estimates.

Still, even during the pandemic, Coloradans bet millions on sports such as European table tennis and Korean baseball when most US sports were on hold as sports betting began in Colorado in May. I did.



Coloradans place $2.3 billion in wagers in first year of legal sports betting Source link Coloradans place $2.3 billion in wagers in first year of legal sports betting

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