{"id":122813,"date":"2019-12-23T09:27:39","date_gmt":"2019-12-23T17:27:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=122813"},"modified":"2019-12-23T16:22:02","modified_gmt":"2019-12-24T00:22:02","slug":"colorado-sports-betting-revenue-will-come-up-short-in-year-one","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/","title":{"rendered":"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year"},"content":{"rendered":"

In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state’s water projects.<\/p>\n

\"Colorado
In year one, sports betting will be a dud for Colorado coffers. (Image: Colorado Public Radio)<\/figcaption><\/figure>\n

New estimates indicate that the first year of sports wagering there will leave the water budget dry, indicating it could take awhile for the plan to be a significant contributor to the state’s water needs.<\/p>\n

The Division of Gaming expects sports betting, which starts in Colorado in May, to generate between $1.5 million and $1.7 million in tax revenue in the 2020-21 fiscal year, which begins on July 1,\u201d reports The Colorado Sun<\/i>. \u201cThat amount isn\u2019t enough to reach the threshold under which funds would be transferred to water projects.\u201d<\/p><\/blockquote>\n

That estimate is attributed to an analysis by Gov. Jared Polis’s office. Last year, Polis, a Democrat, signed a bill allowing Prop DD<\/a> to be included on the November 2019 ballot. Sports betting will, of course, be taxed in Colorado, and since it amounts to a new levy, it had to be approved by voters there, as the state constitution mandates all new taxes must be signed-off on by residents.<\/p>\n

Far Shy Of Estimates<\/h2>\n

Heading into the Nov. 5 election, Prop DD was expected to easily pass. But the result turned into a nail-biter, and approval wasn’t made official until Nov. 6,<\/a> as more than 49 percent of Centennial State voters rejected the plan.<\/p>\n

The Polis Administration forecast of just $1.5 million to $1.7 million in sports betting tax revenue in the first year falls well short of lawmakers’ prior projections, which estimated the state could generate $20 million or more annually from the endeavor.<\/p>\n

Even if $20 million (or more) is eventually reached, the state would still need to find other avenues for plugging a $100 million annual shortfall in its water budget.<\/p>\n

That was one of the primary criticisms of Prop DD<\/a>: that it wouldn’t come close to being a cure-all for Colorado water needs, and that politicians there could direct sports betting proceeds away from water to other projects.<\/p>\n

Other Alterations<\/h2>\n

Operators of Colorado gaming properties, including Native American tribes and commercial companies such as Century Casinos, Full House Resorts, and<\/a> Monarch Casino, have displayed enthusiasm for sports betting licenses. But Colorado politicians believe the originally proposed $125,000 per license fee with renewal every two years needs to be lowered.<\/p>\n

Instead, gaming officials think that the most they could reasonably charge for a license fee would be $40,000, and possibly much less,\u201d reports The Sun.<\/i><\/p><\/blockquote>\n

In addition, the Colorado Division of Gaming could require up to $10,000 for background checks, a $2,000 charge for a master license, and $1,200 for what the department calls \u201cspots betting operator\u201d and \u201cinternet sports betting operator\u201d permits.<\/p>\n

Under Prop DD, gaming companies will pay a 10 percent tax on net sports betting revenue. The net figure is derived after operators pay out to winners and account for federal levies.<\/p>\n

When sports betting goes live in the Centennial State in May, gamblers there will be able to wager on college and professional contests, the Olympics, and even esports.<\/p>\n","protected":false},"excerpt":{"rendered":"

In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state’s water projects. New estimates indicate that the first year of sports wagering there will leave the water budget dry, indicating it could take awhile for the plan to be a significant contributor to the state’s […]<\/p>\n","protected":false},"author":46,"featured_media":122890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[61,1074],"tags":[],"acf":[],"yoast_head":"\nColorado Sports Betting Will Leave Water Budget Thirsty In First Year - Casino.org<\/title>\n<meta name=\"description\" content=\"In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state's water projects. New\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year - Casino.org\" \/>\n<meta property=\"og:description\" content=\"In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state's water projects. New\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-23T17:27:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-24T00:22:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/\",\"url\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/\",\"name\":\"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg\",\"datePublished\":\"2019-12-23T17:27:39+00:00\",\"dateModified\":\"2019-12-24T00:22:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state's water projects. New\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg\",\"width\":1200,\"height\":800,\"caption\":\"In year one, sports betting will be a dud for Colorado coffers. (Image: Colorado Public Radio)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Politics\",\"item\":\"https:\/\/www.casino.org\/news\/politics\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year - Casino.org","description":"In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state's water projects. New","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/","og_locale":"en_US","og_type":"article","og_title":"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year - Casino.org","og_description":"In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state's water projects. New","og_url":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-12-23T17:27:39+00:00","article_modified_time":"2019-12-24T00:22:02+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/","url":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/","name":"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year - Casino.org","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg","datePublished":"2019-12-23T17:27:39+00:00","dateModified":"2019-12-24T00:22:02+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"In November, Colorado voters approved Proposition DD, a ballot initiative to legalize sports wagering to direct revenue to the state's water projects. New","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/colo-1.jpg","width":1200,"height":800,"caption":"In year one, sports betting will be a dud for Colorado coffers. (Image: Colorado Public Radio)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/colorado-sports-betting-revenue-will-come-up-short-in-year-one\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Politics","item":"https:\/\/www.casino.org\/news\/politics\/"},{"@type":"ListItem","position":3,"name":"Colorado Sports Betting Will Leave Water Budget Thirsty In First Year"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/122813"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=122813"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/122813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/122890"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=122813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=122813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=122813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}