Colorado water projects won big thanks to sports betting in the state. How big? Nearly $8 million big.
“We are constantly amazed and impressed with the continued growth we see in our state and how Coloradans have embraced this new form of legalized entertainment,” Dan Hartman, director of the Colorado Division of Gaming, said Thursday announcing the windfall.
The money comes about as a result of the fine print that helped legalize sports betting in Colorado in 2020.
A portion of the revenue (10%) raised from sports betting is required to go toward the Colorado Water Plan. The plan is the state’s guiding principles as related to water policies and helps lawmakers and other stakeholders make sound decisions regarding water issues in the Centennial State. Since its onset in 2015, the plan has helped fund more than 200 projects.
According to the Colorado Limited Gambling Control Commission $8,564,616 was distributed to the state as a result of the proceeds from sports betting. Of that, $7,945,834 went to Water Implementation Cash Fund.
Sports Betting A Big Sucess In Colorado
Since sports betting was legalized in Colorado in 2020 more than $3 billion has been wagered on by bettors in the state, according to data released by the state.
During the first weekend of the NFL season, more than $44 million in bets were wagered, The Denver Post reported.
“Football is going full bore. It was a big opening for us,” Hartman said. “It really is the biggest market for sports betting,” Hartman told the paper.
The success of the program comes as somewhat of a surprise. Initial state projections for revenue suggested sports betting was likely to bring in roughly $2 million.