Colorado has seen a remarkable increase in sports betting tax revenues over the year and it doesn’t appear to be slowing down. Budget analysts have estimated that the 2022-23 fiscal year could yield up to $24 million in sports betting taxes for the state, double what was collected in the previous fiscal year.
This would mark an incredible success for Colorado’s water projects, as all these additional funds would provide much-needed financing for state-level initiatives and projects. Although some may consider sports betting a controversial topic, its potential contribution to bettering the lives of Colorado residents cannot go overlooked.
$22.5 Million For The Colorado Water Project
Colorado is taking significant steps to secure its access to water in the face of a changing climate. Part of this endeavor is the Colorado Water Project, which promises both infrastructure investments and increased protections for surface water supplies. To help finance these efforts, the state has tapped into the new revenue source of legalized sports betting in Colorado.
The Governor’s Office of State Planning and Budgeting and Legislative Council Staff has estimated that Colorado could receive up to $24 million in tax revenues from sports betting in the 2022-23 fiscal year alone. Of these funds, an impressive $22.5 million will be directed toward the vitally important Colorado Water Project which seeks to protect our most precious resource into the future.
For the 2021-22 fiscal year, which ended on June 30th, the state only accumulated approximately $12.4 million in sports betting taxes – nearly all of which was allocated toward their water plan. To put it into perspective: this is worth a touchdown ($6 million), field goal ($3 million), and safety($ 2 million).
About The Colorado Water Project
In 2015, the Colorado Water Conservation Board developed the comprehensive Colorado Water Plan to address water shortages and other pressing water issues facing the state. Aimed at creating long-term solutions, the plan outlined detailed strategies to restore ecosystems and increase conservation efforts.
To help finance these projects, the state legislature established the Water Plan Implementation Cash Fund which finances game-changing sustainability operations such as watershed restoration, drought mitigation, and climate change adaptation. Thanks to this fund, Colorado is well on its way to becoming a leader in environmental protection and water conservation for generations to come.
Before Colorado made sports betting legal, 240 projects were launched. Thanks to the Colorado sports betting program, the state has been able to generate a tremendous amount of income, and its future looks brighter than ever. With the ambition of creating thriving watersheds, resilient planning, robust agriculture, and vibrant communities by 2023; The Colorado Water Plan offers four main goals for implementation to achieve these objectives.