Voters in Colorado will decide in November whether to lift the state's cap on sports betting taxes, which are used for water projects and total $29 million.
Sports betting operations in Colorado are currently subject to a 10% tax rate. The revenue generated is split between water projects and operator oversight, with a maximum of $29 million going to each of the two.
Sports wagering taxes collected over the $29 million cap will go into the Water Plan Implementation Cash Fund if voters approve the ballot measure. The extra money would be returned to the gaming operators if they were to reject the initiative.
Sports betting operations in Colorado are currently subject to a 10% tax rate. The revenue generated is split between water projects and operator oversight, with a maximum of $29 million going to each of the two.
Sports wagering taxes collected over the $29 million cap will go into the Water Plan Implementation Cash Fund if voters approve the ballot measure. The extra money would be returned to the gaming operators if they were to reject the initiative.