(Colorado) – The Colorado Department of Gaming released December 2022 sports betting data on January 31. The data shows an increase of more than 100% over FY2021.
Sports betting taxes collected by the state in December 2022 total $2,583,711, the Colorado Gaming Department said, an increase of 0.08 percent over November 2022. Compared to December 2021, this is an increase of 235.3%.
Tax collections for the fiscal year ended December were $13,399,746, a 115.9 percent increase over fiscal 2021, the gaming department said.
In December, Basketball topped the list with $147,854,335 in total wagered, followed by Football with $137,038,414 in total wagered.
Gambling taxes and sports betting taxes are different and support different schemes. Seventy-eight percent of the gaming tax goes to financial aid and classroom instruction at Colorado community, junior college and regional colleges, and another 22 percent goes to cities and counties with gaming establishments to address the impact of gambling.
The sports betting tax is used to help other betting tax recipients in case they lose out on sports betting legalization, gambling addiction counseling services and the National Water Resources Plan funding water projects.
