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
SBC Summit Americas 2025
13 de May 2025
Uplatform Aims to Redefine iGaming Success with Networking, Localization, and Customer Journey Mapping
(Fort Lauderdale, SoloAzar Exclusive).- At SBC Summit Americas, Uplatform emphasized the power of strategic networking, data-driven localization and CJM to help operators thrive in the competitive iGaming market. María, Head of Marketing, shares how understanding regional nuances and focusing on overlooked player touchpoints can elevate brands from mere presence to lasting trust. Dive into her insights on industry trends, innovation, and why creativity is a rare gem in expos.
Monday 16 Jun 2025 / 12:00
ProntoPaga Drives the Fintech Revolution with SmartPIX and SmartRouting in LATAM
(Fort Lauderdale, SoloAzar Exclusive).- Evans Concha, CTO and Founder of Pronto Paga, shared the main innovations launched this year and how they impact the regional fintech industry. With a firm commitment to new technologies and cybersecurity, the company is positioning itself as a leader in the sector. Discover how it is redefining the future of digital payments in this article.
Friday 13 Jun 2025 / 12:00
Pay4Fun consolidates its position as a 100% Pix Payment Gateway and expands its reach in LatAm
(Fort Lauderdale, SoloAzar Exclusive).- Pay4Fun strengthens its position as a 100% Pix payment gateway with direct integration with the Central Bank, guaranteeing maximum security and efficiency in transactions. At SBC Summit Americas, Leonardo Baptista highlights the role of networking and innovation in an environment where technology and regulation are key. Discover how Pay4Fun is shaping the future of digital payments.
Thursday 12 Jun 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.