The Colorado sports betting market is just over one year old, but it has extensively grown in its short lifespan. Colorado’s projections are on the rise in the coming months as football season unravels.
Even without football, Colorado has performed well in the legal betting industry. In August, the state reported monster sports betting numbers. There were nearly $212 million in wagers placed throughout the month, which was a 17% rise from July. The numbers were just reported by the Colorado Division of Gaming on Monday.
Big Month in the Rockies
Sportsbooks and the state legislature had a great financial month in August. The exact handle was $211.92 million, and bettors won $196.69 million.
The state collected $726,365.67 in taxes, and this number will rise with football season in full effect. However, Colorado bettors have proven to be hungry during any sports season. Since betting began in May of 2020, there have been over $3.20 billion in wagers placed.
PlayColorado.com reports on gambling in the state and throughout the nation. The site reported that reaching $3 billion was a significant milestone, as only five states had previously hit this mark. This is no surprise considering mobile gambling is available throughout the state, and there are 26 operators.
Over 98% of the monthly bets are placed through mobile apps in Colorado. This is a similar trend to other states that accumulate large handles.
PlayColorado.com wrote, “Colorado is remarkably consistent, and continues to outperform the size of its population base. With even a decent football season, sportsbooks will reach $3 billion in wagers and $200 million in revenue for the year. Those would be impressive annual totals for a state that is still maturing as a sports betting market.”
The Breakdown
Bettors’ favorite sport in August was baseball. This is not surprising as it’s the only major sport in progress. However, single baseball wagers usually do not yield large handles before the playoffs.
Ian St. Clair, an analyst for PlayColorado.com, spoke about baseball and the boost college football gave to the state in August.
He said, “A mere taste of football in August showed its importance to sportsbooks. But what we saw last month is just a precursor for what we expect for the final four months of the year, which should bring an onslaught of fresh records. After promotional credits, net sports betting proceeds in August landed at $7.1 million, which yielded $726,365 in tax revenue.”
Sports betting companies surpassed $15.23 million in gaming revenue last month. This was a rise of over 102% from the $7.5 million in August of 2020. Nevertheless, it was still down 2.7% from July.
Once football season numbers arrive, Colorado could make a statement on the national level. This will be the state’s full football season with an established sports betting market.
Sports betting launched three months before football began in 2020 in a year where COVID-19 impacted viewership and betting. This could be the year where Colorado truly joins states like New Jersey and Nevada for elite status in the United States sports betting market.