Colorado voters to decide on increased taxes for water projects as sports betting gains popularity

Colorado lawmakers are seeking permission from voters to redirect excess funds from the state’s sports betting tax to water projects. Four years after sports betting was legalized in the state, the revenue generated has exceeded expectations, leading to a surplus in tax revenue.

The tax on sports betting revenue, which was initially intended to fund water projects, has brought in more money than anticipated. Lawmakers are now looking to use the excess funds for other purposes instead of returning it to the casinos.

House Bill 1436, signed by Gov. Jared Polis, will put the question of redirecting the surplus funds on the November ballot. The tax revenue from sports betting was capped at $29 million, but with the revenue exceeding that cap by $2.8 million this year, lawmakers are eager to utilize the additional funds for water projects.

The Colorado Gaming Association supports the ballot measure, emphasizing the importance of funding water projects in the state. The revenue from the sports betting tax is crucial for ongoing water conservation efforts and infrastructure projects.

Lawmakers are optimistic about the ballot measure’s success, believing that the public has come to understand the significance of water resources in Colorado. The funding would support a range of water projects, including water storage, agricultural initiatives, watershed health, and land use planning.

Overall, the surplus funds from the sports betting tax are expected to make a significant impact on water projects in Colorado, addressing concerns about the state’s water future.