Colorado Sets Betting Limits as Wagers Hit $6.4 Billion
Colorado Sets Betting Limits as Wagers Hit $6.4 Billion
New limits on sports betting in Colorado took effect this week as the state seeks to curb gambling-related harm while also maximizing industry taxes to fund the state’s water projects.
The bipartisan law limits how sportsbooks can take deposits and market their services to customers, banning credit card deposits, limiting customers to six deposits per day, and prohibiting push notifications that push users to place bets or make deposits.
The changes come at a time when sports betting continues to grow in the state. According to official figures, residents wagered a record $6.4 billion in the last year, while the state has collected more than $154 million in betting taxes since voters approved legalization in 2019.
Much of that revenue has been directed toward water projects, funding irrigation systems, reservoirs, and water research as Colorado faces increasing pressure on its water supplies. The legislation also aims to protect sports betting revenue allocated to water programs by requiring annual transfers to the state’s Water Plan Implementation Cash Fund to be at least as large as the previous year’s.
