Here is more of what you need to know about colorado sports betting: Here is more of what you need to know about colorado sports betting: The governor signed the bill into law, but because it instituted a new tax (on sports betting operators), it had to go to a statewide referendum and be approved by a majority of voters. Proposition dd, (house bill 1327) authorized sports betting and created a 10% tax on sports betting proceeds to be levied on those who conduct sports betting operations.
Net sports betting proceeds, which is revenue minus excise taxes paid and free bets, are taxed at 10%. Colorado sports betting surged in july with the return of national league sports media release 7/28/2020:
So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you’d be able to deduct all of those losses. Co sports betting law basics.