CASPER, Wyo. — A majority of Coloradans voted yes on a ballot measure to legalize sports betting in the state.
Voters were asked this question on the ballot:
Shall state taxes be increased by twenty-nine million dollars annually to fund state water projects and commitments and to pay for the regulation of sports betting through licensed casinos by authorizing a tax on sports betting of ten percent of net sports betting proceeds, and to impose the tax on persons licensed to conduct sports betting?
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The vote was close with 50.78% voting yes on the measure:
“A yes vote supported the measure to authorize sports betting in Colorado and authorize the legislature to levy a tax of 10% on those conducting sports betting operations and use revenue to fund state water projects,” Ballotpedia explains.
Colorado joins 13 other states to have legal sports betting industries, Ballotpedia adds.
The measure is expected to generate about $10 million in tax revenue for Colorado in fiscal year 2020-2021, with an anticipated rise in revenue in subsequent years.