The state authorities in Colorado, the beautiful state located in the Western United States, are beaming with happiness as the gambling industry has pooled a whopping $6.6 Million in tax earnings during the first year of regulated sports wagering.
According to the law in Colorado, the state is allowed to impose taxes on the revenues made by the casinos from sports betting activities only. The program does not include the earnings accrued by individual earnings. The natives passed Proposition DD back in 2019, whereas sports betting came under the legalized frame in May 2020.
Talking about the decision, Dan Hartman, the chief of gaming in Colorado, stated that there was an air of confusion when legal betting was launched in the state because of the COVID-19 crisis. However, after seeing the accumulated revenues at the closing, the spearhead is excited and confident about its decision to launch regulated sports betting for customers.
Things did not turn in favor of the state authorities and the gambling domain at the start due to severe complications caused by the pandemic. Top casinos were shut, tournaments were postponed, and people were forced to stay back at home. Though, improvement began to set in the latter part of the year with the kickstart of the National Football League. The event saw grand participation from bettors across the globe. This helped the state to collect over $1 Million for the first time in January as tax incomes from the sports betting sphere.
The Executive Director of the International Center for Gaming Regulation at the University of Nevada Las Vegas, Joe Bertolone, stated that the regional operators have started witnessing recovery. The business in integrated casino venues like Las Vegas is still trying hard to come on track. The entire gaming industry is on a path to recovery.
One of the most crucial factors for this growth is a widescale expansion of mobile-friendly wagering. By bringing betting to mobile phones, operators have allowed people to indulge in their favorite games via elaborated menus anytime and from any place.
Explaining the drawbacks of online gambling, Nancy Lantz, a state gambling counselor, stated that online gambling allows players to hide their activities from their family and friends. This creates a problematic situation when they lose their money. At times people turn to suicides. She added that the loss of jobs in pandemic made people switch to gambling portals.
The region has 33 casinos with licenses for sports wagering, out of which two-third are mobile operators, and 16 are allowed for in-person wagering. In Colorado, the state has a well-planned system that channelizes the use of tax earnings. The program has to give $1.74 Million that is reserved for start-up expenses. Six percent is put into a hold harmless fund that helps to compensate for losses. The counties, state historical funds, and states with casinos can apply for the money easily.