Sports betting in the US has slowly been expanding over the previous year. Global Gambling has been keeping track of each state’s progress. And in most, if not all cases, taxes from sports betting will be used in programs that will benefit each state’s residents. And Colorado Sportsbook taxes will be mostly going to water – if its residents approve it.
While some state legislators pass the bills and set the terms on their own, Colorado will have its residents vote on November. If approved, they will use the tax revenues for Colorado’s clean water initiatives, among others.
Colorado Sportsbook Tax
Since this involves taxes, residents will have to vote on this. This measure will help bridge the funding gap, which is around $3 billion. The state plans to collect a 10% on sports betting operations of up to $29 million a year.
With the amount set, at least $130,000 will be saved for gambling addiction programs, while $960,000 will be used for a hold harmless fund. The amount the remains will then go to different projects that aim to help the Colorado Water Plan, such as the Colorado River Compact. Local water managers can also apply for grants to help with other matters such as agriculture, conservation, innovation and recreation. The amount will start at $10 million, but it might increase to $15 million annually.
Of course, the gambling community is open supportive to this plan. Sports betting is highly profitable. Anyone can also enjoy sportsbook pay per head services wherever they are. For more information on what these services do, and how they can help you, there are a lot of gambling software reviews to guide you.
