Category
🥇
SportsTranscript
00:00Taxes. Taxes, taxes, taxes. That's another big topic, I think, coming next year. I mean,
00:09we spend, Pat, so much time talking about which state could go live. Is it going to
00:12happen? Is it not going to happen? We should probably be just spending time in 2025 on
00:17this state decided to go from 20% to 50. This state decided to go from 10% to 40%. I mean,
00:21to me, that will be the story you'll be writing on next year, because if I'm going to project
00:26that correctly, it's going to be every single state saying, look at New York, give me that
00:31tax rate, or we're going to hike the odds or something like that. So Colorado is the
00:36first.
00:37Well, it's funny you'd say that. I'm watching, just before I came on here, I was watching
00:41a Louisiana hearing that was to, you know, the bill to hike it from 15% to 51% to equal
00:48New York. So right there, you're right. But yeah, Colorado, they also passed a bill this
00:54election season. Well, not a bill. The Colorado voters passed an amendment to kind of uncap
01:00how much the state can come bring in from sports betting tax revenue. Colorado is a
01:05really unique state in that 1992 constitutional amendment requires the state to cap the amount
01:13of money they can bring in from whatever the bill says, based on the legislative estimates.
01:19So once Colorado sports betting bill passed back in 2021 or 2020, I forget which year
01:24it was, you know, the estimates because of promo deductions and whatever have you capped
01:29it at $29 million. They said, this is how much we can make from sports betting taxes.
01:34Well, in 2022, they brought down or they eliminated the deductions. And this last fiscal year,
01:42the state brought in $29,900,000. Well, because of that old rule, they had to give back or
01:51would have to give back $900,000 to the sportsbooks or casinos. Well, the legislators like, wait,
01:58we want to keep that money. So they put this on the ballot. Voters said, yeah, because
02:02sports betting taxes largely go to fund water, you know, restoration projects and the like.
02:06And we know Colorado loves nature. And so that overwhelmingly passed. And so now you'll
02:12see Colorado get to keep plenty more money from sports betting taxes as we go on.