Colorado’s Sports Betting Tax Revenue to be Allocated for Water Projects

Colorado’s water projects are in for a big financial boost, with nearly $11.4 million expected to be allocated from sports betting tax revenue. Colorado Limited Gaming Control Commission (CLGCC) press release, the majority of the $12.5 million disbursement will go to the state water plan despite being one of the least priorities.

Colorado’s Division of Gaming gives water plans a 43% financial boost for the water plans after being the least priority in its early years. While it is still underfunded, the funds collected from the 10% tax on sports betting would give the project greater capability in terms of improving residents’ daily lives.

More About Colorado’s Water Plan

Centennial State’s Water plan was launched in 2015. The Water Plan is a collaborative grassroots effort that relies on the Colorado water community to identify and implement basin-specific or statewide projects which provide multiple benefits.

The Colorado Water Conservation Board creates an implementation framework, supports stakeholders by providing funding for programs/projects they choose within this plan’s guidelines, and provides technical resources such as training opportunities so everyone can get involved.

The plan has not been in great shape financially due to several factors, but this 2022 it received $38.4 from different sources which include sports betting ($11.4M), oil and gas severance ($17M), and 2022-2023 general fund ($10M).

As of 2022, each of the major river basins in the state still has a tailored water project. These are called Basin Implementation Plans. The allocated funds will be a great help for the 2023 plans which will focus on Robust Agriculture, Thriving Watersheds, Vibrant Communities, and Resilient Planning

Colorado Sports Betting

According to the CLGCC, more than $7.88 billion has been wagered on sports within the state since legalization began on May 1, 2020. It started with just four online sportsbooks but has grown tremendously since then.

Today, there are already 24 online operators and 15 retail locations across the state. Aside from the Water plan, the funds collected from sports betting revenue go to the Office of Behavioral Health and Hold Harmless Fund.