Colorado’s water projects getting a $7.9M boost from sports betting tax revenue

Colorado’s water projects getting a $7.9M boost from sports betting tax revenue

Article brief provided by The Center Square
  • Derek Draplin, The Center Square
September 26, 2021 1:19 PM
  • Derek Draplin, The Center Square

Water projects in Colorado are getting a $7.9 million boost from tax revenue collected during the first fiscal year of legalized sports betting in the state.

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The Colorado Limited Gaming Control Commission (CLGCC) gave its approval for $8.56 million in tax revenue to be distributed to beneficiaries, which includes the Colorado Water Plan, the Department of Revenue’s Division of Gaming said in a news release on Thursday.

The distribution of funds to beneficiaries was detailed in the 2019 law that asked voters to legalize sports betting for taxation and use most of the funds for the state’s water projects.