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SportsTranscript
00:00OK, so a new bill in Colorado coming. You could read about the story over a legal sports report.
00:04This would be a trendsetter here. And by the way, not a horrible idea in the state to start trying to tax some of these promo spends.
00:13I mean, it's basically what's building the sports books at this point.
00:16They're capturing all these new people, obviously, who are betting on sports and, you know, and they're all signing up.
00:22But it's the promos that are getting people to come back over and over again.
00:26And by taxing that, I mean, I guess it could accomplish one of two things.
00:30Either the states will get more money or the promos will stop.
00:33Yeah. Colorado is kind of an interesting case in this is, you know, they launched with a 10 percent tax and they allowed promo deductions.
00:43You know, and then, you know, they've slowly seen their tax rate increase or their taxes increase.
00:50They didn't do anything with the tax rate, but it started to increase.
00:56The hall. And then they put when they initially passed it, they they put a cap of 30 million dollars of tax revenue.
01:04And that just was voted to be removed by Coloradans in November.
01:10So they've got that coming. Now, this bill in in here would probably bump up their tax rate probably about or not their tax rate.
01:17Their tax revenue by about 11, 12 million dollars a year, which is nice because it all goes towards Colorado River projects.
01:24And, you know, they love their rivers. They want to make sure everything's all nice.
01:27They need to make sure they have water for a long time.
01:30And and, you know, well, 11 million dollars in a lot of governmental uses doesn't seem like a lot.
01:35It might be a lot for Colorado water projects. So that's kind of what they're looking at.
01:40Colorado is one of the lowest for sportsbook operators, one of the lowest percentages of promos like they don't spend a lot in promos in Colorado.
01:50So I don't think it'll change that much in that sense. So, yeah, it's an interesting bill.
01:55It's an interesting way to go about maybe increasing your tax revenue a little bit more rather than like we've talked about a lot of states raising the tax rates.
02:04This is just a nice little way to maybe boost that that income a little bit more for the states.