Water is something that’s often taken for granted in well-developed countries like the US. However, as years have gone by, things have become very serious in multiple US states. Today, state and federal governments are recognizing water shortage as a big problem. That’s why more and more taxpayers’ money is going towards projects aimed at improving the current state of things.
Luckily, some state budgets have recently grown, allowing water protection projects to grow steadily. That’s all thanks to the repeal of PASPA, after which multiple states were able to legalize sports betting. Sports betting taxes have since had a positive impact on tax revenue. In fact, Colorado leads the way with its Colorado Water plan. Keep reading to better understand how the betting tax is good for the local economy and how it helps the US keep natural water resources safe.
Until the PASPA repeal, sports betting was considered illegal in numerous states.
That created a sort of a lose-lose situation for many US states, as people would still bet online, but the revenue from it would go to offshore sites and countries. However, with the regulation of sports betting, things became much better for local governments.
Each state has voted on regulations and sets different sports betting taxes in the state. While some states have a 10% tax rate, others have a 20, 30, or even 50% tax. That tax is for the sports betting operators, there’s also a tax on sports wins. So if your bet wins are above the tax threshold, you have to report that win and pay tax on them. Therefore, the state benefits from both the operators and sports bettors.
But how does this relate to US Natural Water Resources? Here’s how!
Taxes are very important for each US state and the communities inside them. It’s no surprise that local governments are seekings new tax revenue sources.
They want to do more for the local community. No matter if we’re talking about PA online casinos, retail casinos, or sportsbooks, gambling tax has had a positive impact on the budgets in states where it’s legal. It has created a new revenue source in the state’s budget. The results are new projects ready to help.
Interestingly enough, you can see how the tax money is spent. That way, you know that every penny that is taxed is going to better the lives of all the state’s citizens. But how does this relate to US Natural Water Resources?
Well, each state has its challenges. Some of these challenges might be related to drinking water supplies. As we mentioned above, Colorado is the perfect example. In fact, the state has created a plan to preserve and grow its water supply through the Colorado Water Plan. The important thing is that the funding is coming from the state’s sports betting tax. So it’s good to see how sports betting can boost the state’s budget, allowing it to preserve natural water resources. There are other states with specific American States Water Income tax that serves to preserve US drinking water.
Unfortunately, Colorado is not the only one with a water problem. Several states in warmer climates experience this. The most notable ones are:
Each of these states experiences drought periods which negatively impact the water supply. However, with the right approach, preserving the water supply is possible. It just requires some funding from the local and federal governments.
The recent developments in the legal sports betting landscape in the US have had a positive impact on local states’ budgets.
That’s not a surprise, as sports betting in numerous states generate billions of dollars in sports betting handle. Putting a small percentage on those high figures results in big impacts on the budget.
For example, Colorado was able to amass over ten million dollars over two years. That money helped meet the projected expenses of the project.
That’s something that plenty of other states can learn from. Regulating betting and gambling activities will create more jobs, improve a state’s budget and fuel more projects that improve the local community.
As a limited resource, we should keep taking care of water and give our best to preserve it. With draughts numbers going up, it’s clear that we have to take more steps to save clean water. That’s why state budgets need new tax sources to keep investing in projects that would preserve US natural water. Among many things, sports betting can significantly help, as millions of US citizens regularly enjoy NBA, NFL, and MLB games, among others.
ABOUT THE AUTHOR
Senior Content Creator
Aleksandra Djurdjevic is a senior writer and editor, covering surf, kayak and various watersports activities. She has previously worked as ESL teacher for English Tochka. Aleksandra graduated from the Comparative Literature department at the Faculty of Philosophy in Serbia. Aleksandra’s love for the ocean / rivers, getting out waves, season after season, seeking epic adventures across the globe helps her continue to be a top expert at CSG.