Sports Betting In Colorado Jumps 102.7% Year-On-Year
Published October 6, 2021 by Sol FH
The industry is booming in the US state of Colorado as sports wagering up to $15.2m in August 2021.
Sports betting revenue in the US state of Colorado has increased 102.7% year-on-year with a total of $15.2m in August 2021, as its handle jumps 64.8% to $211.9m.
Back in August 2020, Colorado's gross gaming revenue was significantly lower at $7.5m, albeit the state was only just emerging from the Covid-19 lockdown. July 2021 was slightly higher at $15.7m, according to a release by the Colorado Division of Gaming.
It is apparent that online wagering has become the preferred method, by far, accounting for $15.0m of overall revenue in August.
The state's handle, $211.9m wagered by punters in August blew past the $128.6m spent last year in the same month and was also 16.9% higher than the handle in July of this year.
Punters spent a total of $208.3m with online bookmakers, with $3.6m coming from retail sportsbooks across the state.
The sport of choice for Colorado residents remains Baseball, which attracted $69.6m in bets, or 32.8% of all wagers placed in August.
Football came in second place with a total of $13.6m, while tennis brought $13.5m in wagers, and soccer $11.5m, while punters also placed $61.9m in parlay bets.
It was a great month for punters, too, as they won a total of $196.7m, while the state generated $726,366 in tax revenue.
A Growing Industry
New operators have recently been granted licenses in the state as the Colorado Division of Gaming is growing the industry. LSports, the sports data solutions provider, secured an official sports bookmaking license, while Strive Gaming received a temporary vendor major license.
Moreover, MaximBet, a new online bookmaker, presented by Maxim magazine, has recently launched in the state, while 888 Sport also released a new sportsbook in partnership with Sports Illustrated.
The market will continue to grow in US states that follow Colorado's suit. New licenses mean bigger business due to competition, which is great for tax revenue and social programs funded by tax revenue.
