As Colorado sports betting takes off, prospects look bright for tax revenue in 2020 Blaine Howerton, North Forty News · December 17, 2020 at 7:45 pm When Colorado legalized sports wagering back in 2019, bettors across the state jumped for joy. Economists put forth a wealth of predictions regarding revenue possibilities, and many officials stood hopeful for a steady stream of earnings. So, what’s the bottom line? As the first legal year of sports betting comes to a close in the Centennial State, here’s what we know about the tax proceeds and how our government is using them. Before it became legal, The Legislative Council of the Colorado General Assembly predicted that the enterprise could raise $6 million by the end of the 2020 fiscal year. But those numbers quickly dropped, and forecasts have changed to set the numbers between $1.5 and $1.7 million.