The state of Colorado has experienced a significant surge in sports betting activity, leading to a rise in tax revenue. In January 2024, 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 generated from sports betting.
Christopher Schroder, director of the Colorado Division of Gaming, expressed his satisfaction with the milestone achieved by reaching $4 million in tax revenue since the launch of sports betting in May 2020. He emphasized that responsible gambling practices are crucial to the continued growth of the industry.
Trevor Lucht, a sports bettor from Colorado Springs, shared his thoughts on the increasing popularity of sports gambling. While he believes that it will continue to rise among younger generations who find it appealing, he also acknowledged its potential dangers if not approached responsibly.
Schroder added that while there is immense potential for growth in sports betting revenue, it is essential to prioritize responsible gambling behavior. If you or someone you know is struggling with a gambling problem, help is available through the 24-hour confidential hotline at 1-800-GAMBLER.
Overall, Colorado’s sports betting industry has shown tremendous growth and promise for continued success if proper oversight and responsible practices are maintained.