Colorado Proposes Tax on Free Sports Bets to Boost Water Project Funding
Wednesday 23 de April 2025 / 12:00
2 minutos de lectura
(Colorado).- Colorado lawmakers are proposing House Bill 1311, a measure to tax revenues from "free" sports bets to generate additional funding for vital water programs. These promotional bets, often used by gaming companies to attract players, have traditionally been exempt from taxation. The new bill aims to raise an extra $12 million in the coming year for water initiatives, including irrigation system repairs, water rights purchases, and conservation efforts. This would increase the current annual funding of $30 million for water projects by approximately 30%.
The bill’s sponsors, Senator Dylan Roberts and House representatives Julie McCluskie and Matt Soper, emphasized the urgency of securing more resources to address Colorado's water challenges. Drought conditions, climate change, and population growth have heightened the need for investments to stretch the state's water supplies further.
“It's time to make this change. It’s a great way to generate more funding,” Senator Roberts stated. Under the current law, sports betting companies are not required to include revenue from free bets in their taxable income. If passed, the new legislation would mandate the inclusion of these revenues, aligning tax calculations with other streams of income.
Since legalizing sports betting in 2019, Colorado has exceeded expectations in tax revenue generated through this sector. However, with increasing competition from other states and declining marijuana tax revenues, the state is exploring innovative ways to secure additional funds. While other states like Illinois and Massachusetts are raising tax rates, Colorado has chosen to focus on eliminating tax exemptions like those for free bets.
Although the potential opposition to House Bill 1311 remains uncertain, industry representatives, such as the Colorado Gaming Association, are closely monitoring its progress. The bill was introduced on March 28 and is set for review by the House Finance Committee on April 21. If successful, this initiative could set a new precedent in utilizing gaming revenues to address Colorado’s critical water needs.
Categoría:Legislation
Tags: Sin tags
País: United States
Región: North America
Event
GAT EXPO CARTAGENA 2025
28 de April 2025
Colombian Olympic Committee, GAT Expo, and Colombian Official Esports Announce Historic Partnership to Promote Esports as an Olympic Discipline in Colombia
(Cartagena) - The Colombian Olympic Committee (COC) and GAT Esports have sealed a strategic partnership to promote esports as part of the country's professional sports ecosystem. The announcement was made at a formal ceremony held at the gaming industry products and services exhibition hall, attended by Marco Emilio Hincapié, President of Coljuegos, COC executives, José Aníbal Aguirre, CEO of GAT Esports, media, and special guests.
Wednesday 30 Apr 2025 / 12:00
GAT Expo 2025: Novelties, technology, innovation, and high-level networking in the magical city of Cartagena
(Cartagena, SoloAzar Exclusive).- Today concludes GAT Expo Cartagena 2025, which has taken place this week with the presence of 23 countries and more than 70 international brands in the historic city of Cartagena de Indias, with its cobblestone streets, flower-filled balconies, and centuries-old walls.
Wednesday 30 Apr 2025 / 12:00
Successful Start to GAT Expo Cartagena 2025, Which Continues with Two Days of Gaming Sector Exhibitions
(Cartagena, SoloAzar Exclusive).- Perfect attendance and strong performance were the highlights yesterday at the GAT Academy conference series at the start of GAT EXPO Cartagena, which continues today and tomorrow with the exhibition of products and services from important companies in the gaming sector, both traditional and online.
Tuesday 29 Apr 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.