Colorado launched sports betting at the worst possible time on May 1, 2020, as there were hardly any live sporting events taking place anywhere in the world. Despite these tough circumstances, Colorado has continued to put up impressive numbers when it comes to sports betting.
The Colorado Limited Gaming Control Commission gave an update on sports betting numbers this week after it held a meeting. In the first 16 months of Colorado sports betting, the sportsbooks in the state have seen over $3 billion in wagers.
Nearly all of the sports betting in Colorado was done at online sportsbooks, even though retail sports betting was offered as well. The COVID-19 pandemic kept bettors away from the casinos and retail sportsbooks, but bettors never made their way back.
The huge amount of betting in Colorado during the first year provided over $8 million in tax revenue. This is the number that is most important to the state as that money can then be used for other projects.
There are now 17 retail sports betting locations in the state of Colorado, as well as 25 different online sports betting options. Both of those totals continue to grow seemingly every month, and Colorado has also been able to attract nearly all of the biggest names in the industry.
Colorado is expected to set new state records for both handle and revenue in the coming months of 2021, as the state already saw a massive boost during Week 1 of the NFL season. According to a report, the total handle for the first weekend of NFL football was right around $44 million.
Lawmakers in Colorado simply wanted to find a new revenue generator to help the state, but sports betting in Colorado has turned into a massive industry.
Colorado Water Plan Receives Funding
One of the strategies used to gain support from residents of Colorado was promising that the sports betting revenue would be put back into the Colorado Water Plan. This plan has been in the works for a few years, but there just wasn’t any way to fund the project completely.
The Colorado Water Plan has been approved to receive $7.9 million from the sports betting revenue that was brought in during the first year. These numbers are much larger than what was projected, and Colorado is a state that continues to see sports betting growth.
Not all of the tax revenue went to fund the Colorado Water Plan, as there was close to $500,000 that was paid out to a casino fund. The percentage of tax revenue is expected to stay the same for the second year of sports betting as well, but the totals should be much higher.
Developed in 2015, the Colorado Water Plan not only seeks to keep sustainable clean water in the state, but it also dictates where that water goes. 90 percent of the state lives on the East side of the Rocky Mountains, but a majority of the water flows to the other side.