Is it time to raise the stakes -- and the taxes -- on sports-betting in Colorado?
The legal sports-betting market finally went live in New York State in early January, marking a huge moment for the American sports-betting industry...and signaling good times ahead for that state's budget. In the first 23 days of legal sports gambling in New York, the state made a whopping $57.6 million in taxAnd with the March Madness men's college basketball tournament now underway, New York should continue to score.
For its size, Colorado has a robust sports-betting market. The state boasts 25 online sports-betting operators, which offer betting through mobile apps, and 17 in-person sportsbooks at casinos in the gaming towns of Black Hawk, Central City and Cripple Creek. When the first bets were allowed in May 2020, though, the pandemic had put many major sports on hold. As a result, among the more popular athletic events for bettors was Russian table tennis.
"I can understand the thinking on both sides. However, things have been overregulated and overtaxed before," Kornegay says."When that happens, that cost is usually passed on to the consumer. In this case, it would be the players or the bettors. For someone to operate and give half of their profits to the state, it costs them more to operate. When you incur those expenses, you're most likely going to have to pass that on to the consumer. ...
During its 2019 session, the Colorado Legislature approved the legislation that sent Proposition DD to the ballot. Current Democratic House SpeakerDoes he think the legislature set the tax rate too low?"It’s a fair question," Garnett says."The goal was to create a competitive marketplace. It’s good for consumers." before he terms out; he's considering running for Denver mayor in 2023.
Once that loophole is closed, Garnett says, it'll be time to monitor tax revenue and see how the state does."If people all agree that it’s not enough, I think it’s up to the voters. I’m totally cool with people having that conversation," he notes.
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