Do Coloradoans want to gamble on sports? That’s the question us Mile High state residents are going to have to ask ourselves this November 5.
According to Westword, legislators passed a bill legalizing sports betting in Colorado and, in May, Governor Jared Polis signed it. However, it’s up to the people via Proposition DD as to whether or not to enact the law. (The Taxpayer Bill of Rights calls for the approval by us Coloradoans for any new bills involving new taxes cuz, yeah, Proposition DD will involve taxes.)
How it will work is this. Bettors will be taxed via a 10 percent tax levied on the sports-betting revenues of casinos and mobile-app companies authorized to allow such bets.
And where will all this money go you ask? Good question? We wondered, too. The money collected from this tax will go toward Colorado’s water plan. And – get this– generated revenue from this measure is expected to be around $10 million for 2020-21 and between $13.5 to $15.2 million for 2021-22, according to the fiscal impact statement for the measure.
While we’re not exactly on the front lines of what’s worth even betting on in the sports world, we do like a good slot machine. Maybe Colorado could use some extra dough.