Multiple plans and solutions are in place to solve the Colorado River’s drought. These are planned by the federal, state, and local governments.
A couple of these projects include emergency water releases. Meanwhile, the biggest plans include a limited allocation for a couple of states and the building of new reservoirs.
The only problem is how the state can make these plans a reality without sufficient financial resources.
Let’s talk about how Colorado’s newly approved gambling law can help.
Big Win For The Water Projects
The new source of funds for the protection and conservation of Colorado’s water resources and projects has been raising millions of dollars each year.
Because of this, almost all government projects will be finished within a short time. Further, it means that there will be a reserve of funds for future projects.
Once Colorado’s water projects have been set, the state can avoid water, power, and food shortage. The river’s drought and soon drain will no longer cause harm to its residents and wildlife.
How Much Money Is From The Gambling Revenue?
Just a year after the approval of Colorado’s gambling law, 11 million dollars have been collected for the water projects.
And in the second year, the proceeds increased and reached a total of 12 million dollars. This boils down to a total of roughly over 23 million dollars collected to support the water projects in 2022.
What Is The Gambling Law In Colorado?
As a response to the Colorado River’s drought, the government came up with a gambling law. This law will provide funding sources for crucial projects in the state. These projects include those that can address its water problems.
In May 2020, sports betting and gambling became legal in Colorado. After the legalization, two dozen internet operators and 15 retail gambling locations came to the state.
Along with the legalization of gambling in the state comes a condition. The law states that almost all the casinos’ tax revenues will be reserved for Colorado’s water plan.
What Is The Money Headed For?
A whopping 93% of the tax revenues collected from all of Colorado’s casinos will directly proceed for the funding of the implementation of the water plan.
This project has a framework that revolves around ensuring that Colorado overcomes its water challenges. All plans within this project root in water development and conservation.
The government puts vibrant communities, thriving watersheds, robust agriculture, and resilient planning on top of the list.
Why Is This So Important?
In the past few years, people have been draining the Colorado River, which contributes to its current condition. Meanwhile, the impact of climate change is also apparent.
A total of nine states rely on the Colorado River. They have made it their primary water source. That translates to roughly 40 million people. And the population of these states will certainly continue to grow.
Not to mention, the impacts of climate change will only worsen year by year. It started with not enough snow in the winter, which led to the river not filling up during the spring.
Now, water has been evaporating from the river faster than it should. This is due to the extreme temperatures.
It’s also important to note that the Colorado River is the backbone of their agriculture and hydropower. The river is more than just a main source of water supply.
Roughly 40 million people experiencing water scarcity, food shortage, and power outages certainly is a crisis.
And so, these are why the Colorado water plan and its funding are critical. Thanks to the legalization of gambling in the state, additional financial resources are available.