Hunting licenses do not represent the true value of the sport for hunters. This study examines the monetary value hunters, resident and non-resident, place on elk hunting in Colorado and which factors affect their valuation. The contingent valuation method is used to determine this information through a survey that was posted on several internet hunting forums. A hypothetical fee increase in hunting licenses from an improvement in elk habitat is used in the survey. To elicit a response, this study uses a two part question for willingness to pay, which is different from previous studies. First, intervals are presented and then the respondent answers an open-ended question. The data obtained from the survey is analyzed using the Tobit regression method. Separate regression equations are used for resident and non-resident hunters. The study finds that Colorado resident and non-resident hunters have differing views on the amount of license fee increase they would accept and base their decision on different factors.