#Colorado sports betting is popular enough to quickly benefit state #water projects after all — The Colorado Sun

Colorado Water Plan website screen shot November 1, 2013

From The Colorado Sun (Jesse Paul):

Sports betting got off to a hot start, meaning enough tax revenue has already been collected to start benefiting Colorado’s Water Plan projects…

Colorado had already collected more than $3.4 million in sports betting tax revenue through the end of December, more than enough to cover the roughly $2 million in startup costs that had to be paid off before wagering dollars could start being directed to the water plan projects, including increasing storage capacity.

Sports betting began in Colorado in May, after voters passed Proposition DD in November 2019. More than $1 billion has been wagered so far…

Proposition DD was pitched to voters as a way to direct money to the state’s water plan, which could have a price tag as large as $40 billion. But in December 2019, Polis’ Department of Revenue warned state lawmakers that it would possibly take until the 2021-22 fiscal year before enough tax revenue came in for the water plan to benefit.

The sports betting tax revenue is still far lower than the Colorado General Assembly’s fiscal analysts projected. But the upshot is that there’s already plenty of sports betting tax dollars — which are generated by a 10% tax on casinos’ net proceeds — to turn on the water-plan-funding spigot…

Gamblers have placed more than $1.1 billion in wagers since sports betting began in Colorado last year.

American football saw the most bets in December, with $88.1 million in wagers placed with retail and online operators, followed by basketball at $42.8 million. Coloradans continue to show interest in betting on table tennis, with $10.9 million in bets coming in for the sport last month.

From The Colorado Springs Gazette (Wayne Heilman):

Betting on professional football and basketball, and college basketball added up to more than half of the $284.6 million total in December. Last month’s total was up 23.1% from November but the amount sportsbooks kept after paying winners fell by 36.7% to $5.67 million, in large part because sportsbooks gave away nearly $11 million in free bets on promotions.

“Hitting the $1 billion mark is a milestone event for the department, leading us to believe that the trust and competition in the industry are leading bettors from the black market to the regulated market,” said Dan Hartman, director of the Colorado Division of Gaming, which regulates sports bettering and casinos. The $1.19 billion in bets last year generated $3.4 million in tax revenue for the state. Sportsbooks pay a 10% tax on profits, which funds Colorado water projects.

After pro football, and pro and college basketball, college football and table tennis were the two next-most-popular sports with bettors, attracting $14.1 million and nearly $11 million in wagers, respectively. Parlays and combination bets accounted for $46.4 million in wagers and other sports combined to total another $45.9 million. More than 98% of all bets were placed online or with mobile applications, and nearly 94% of all amounts wagered were paid to winning bettors.

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