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Colorado Votes to Remove Maximum Tax Rate on Sports Wagering Income

Colorado electorate approved Amendment JJ on Tuesday, removing the restriction of a $29 million limit on tax revenue from sports betting that could be retained by the state.

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Coloradans approved Amendment JJ during the recent election, removing the $29 million limit on tax...
Coloradans approved Amendment JJ during the recent election, removing the $29 million limit on tax revenue from sports betting that the state is permitted to retain.

Colorado Votes to Remove Maximum Tax Rate on Sports Wagering Income

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Here's the Lowdown

The $29 million cap on sports betting tax revenue has been pulled off the books in Colorado, opening the floodgates for more funds to support the state's vital water projects.

This move didn't get any pushback from Colorado's sportsbooks, indicating a shared commitment to preserving and conserving the state's precious water resources.

The Bigger Picture

When tax revenue from sports betting breaches the $29 million mark, it's not a windfall for Colorado anymore—it's a refund back to casinos and operators. By knocking out this cap, Colorado can now hold onto and distribute every penny of that excess revenue, with a focus on projects like water conservation initiatives.

Last year, Colorado voters gave a thumbs-up to ousting the cap, paving the way for a more adaptable approach to collecting and disbursing sports betting tax revenue3. Proposition JJ, one of the measures up for grabs, aims to keep and invest all sports betting tax revenue above the old limit in water conservation and protection projects5. Experts predict an extra $900,000 in Colorado's budget during the 2025-26 financial year from this change5.

A fair chunk of sports betting tax revenue also goes into the Water Plan Implementation Cash Fund. This fund plays a crucial role in encouraging water conservation throughout Colorado1. With more cash from sports betting taxes flowing into the system, there's a greater opportunity to back projects that serve Colorado's water projects.

So, say goodbye to that $29 million cap! Colorado's water projects are looking at a brighter, wetter future.

Coverage by Michael SavioMichael Savio provides comprehensive coverage of the US online casino scene, shining a light on the industry's inner workings and offering insights that can't be found elsewhere. A seasoned observer, Michael has been following the retail casino sector ever since his days in Las Vegas, and he's kept up the pace as the online industry has exploded. From casino reviews to breaking news, Michael is one of the go-to insiders in the industry. Drop by casinos.com to check out Michael's latest articles and see what he has to say!

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  1. Michael Savio, a renowned expert on the US online casino scene, predicts an additional $900,000 in Colorado's budget for the 2025-26 financial year due to the removal of the $29 million cap on sports betting tax revenue.
  2. With the lift of the cap, Colorado's vital water projects can benefit from every penny of excess sports betting tax revenue, potentially leading to more water conservation initiatives.
  3. Colorado's sportsbooks have shown a shared commitment to preserving the state's water resources, as they did not dispute the removal of the cap on sports betting tax revenue.
  4. In the realm of finance and politics, Proposition JJ, voted for by Colorado voters last year, aims to keep and invest all sports betting tax revenue above the old limit in water conservation and protection projects.
  5. Michael Savio, delving into the industry's inner workings, has detailed how a significant portion of sports betting tax revenue is channeled into the Water Plan Implementation Cash Fund, which promotes water conservation throughout Colorado.
  6. The online casino industry, with Michael Savio as a key insider, continues to influence policy discussions on sports betting, taxation, and water conservation in Colorado and beyond, as reflected in the recent lift of the sports betting tax revenue cap.

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