Thu, Sep 15, 2022 2:34 PM
By Chris Woodward, The Center Square
Water projects in Colorado are set to see a nearly $11.4 million boost thanks to tax revenue from sports betting.
The Colorado Limited Gaming Control Commission (CLGCC) on Thursday approved almost $12.5 million total in distributions, with a majority going to the Colorado Water Plan. The $11.4 million distribution for water projects is 43% more than last year's $7.9 million distribution, according to the state's Division of Gaming.
Sports betting became legal in May 2020 after Colorado voters passed Proposition DD, and now involves two dozen internet operators and 15 retail locations. According to the CLGCC, over $7.88 billion has been wagered in the state since legalization.
Revenue from the 10% tax on sports betting goes towards the Colorado Water Plan.
Other funds that receive tax revenue from sports betting are the Hold Harmless Fund and the Office of Behavioral Health.