Sport Betting Brings Millions for Water Projects in Colorado

Sport Betting Brings Millions for Water Projects in Colorado

Sports betting was legalized in 2020 in the state of Colorado. The revenue collected from this has managed to earn the state five times more than the anticipated revenue for the water projects that are to be undertaken in the state. A statement to the effect was made by gaming officials in the state.

National Football League season helps garner revenue

The start of the NFL (National Football League) season has provided another source of increase in financial revenue. According to Daniel Hartman, Director of Division in Gaming in the state, revenue of $44 million in bets in the first weekend from September 9 – 13 has been generated. He further stated football is going full speed at revenue generation and this is a big opening for the authorities.

Revenue and water conservation

Lauren Ris, Deputy Director of the Colorado Water Conservation Board has stated that money that is collected from the proceeds of gambling goes towards the conservation of water, protection of natural habitats, improvement of infrastructure, and other such activities. More revenue from gambling would mean additional money available to fund new projects under the Colorado Water Plan at a time when reserves downstream in the Colorado river are low.

National Football League supports projects

Daniel Hartman has stated that his office has set aside $8 million that has been collected from sports betting for various projects through 2050 in five categories, namely, agriculture, engagement and innovation, conservation and land use, water storage and supply, and environment and recreation. The money is then given by the Colorado Water Conservation Board for the various projects. Lauren Ris has stated that projects having multiple uses or aims are funded. An example that was stated was the Colorado Spring Utilities that brings water to Aurora and Colorado Springs from Eagle River Basin. She stated that this project has helped open up a lot of fish ad boating habitats. Prior to the legalization of gambling, Ris’ department allocated whatever funds were available in couch cushions of money officials.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.