Sports betting in Colorado spikes in August, among pacesetters in the U.S.

Sports betters plunked down almost $212 million worth of bets in Colorado in August, up 17% from the prior month and 65% from August 2020, according to the Colorado Division of Gaming Monday.

Of the $211.92 million wagered, sports book companies paid out $196.69 million to betters, the report states. The state collected $726,365.67 in taxes on that money. Since sports betting started in May 2020, after being made legal by Colorado voters, more than $3.20 billion has been wagered.

PlayColorado.com, which tracks regulated online gaming nationwide, reported Colorado has become just the sixth state to haul in more than $3 billion in lifetime bets. It also has more online operators, 26, than any other states.

European sports book company building Denver headquarters

That explains why the vast majority of sports bets, more than 98%, in the state are made online or through an app.

“Colorado is remarkably consistent, and continues to outperform the size of its population base,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayColorado.com, in a statement. “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.”

Bettors’ favorite sport in August? Baseball, hands down, raking in $67.11 million in bets. Football betting totals stood at $10.49 million — but the professional season started this month, so that number is sure to climb exponentially when the September numbers are released.

Popular Las Vegas sportsbook coming to Black Hawk

“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,” said Ian St. Clair, analyst for PlayColorado.com, in a statement.

Sports betting companies cleared $15.23 million in gross gaming revenue last month, up more than 102% from the $7.5 million in August 2020, but down 2.7% from July.

“After promotional credits, net sports betting proceeds in August landed at $7.1 million, which yielded $726,365 in tax revenue,” the release states.


PREV

PREVIOUS

Nearly $1 million in grants will support produce packing company in Virginia

Facebook Twitter WhatsApp SMS Email Print Copy article link Save Facebook Twitter WhatsApp SMS Email Print Copy article link Save A new produce packing facility moving to Brunswick County, Virginia will receive nearly $1 million in government-approved grants, Gov. Ralph Northam announced Thursday. Southern Virginia Vegetable Packing will produce a 45,000 square foot, $4.2 million […]

NEXT

NEXT UP

Greeley man sentenced to 120 years in prison for sexually assaulting two young girls

Facebook Twitter WhatsApp SMS Email Print Copy article link Save Facebook Twitter WhatsApp SMS Email Print Copy article link Save A Greeley man was sentenced to 120 years in prison for repeatedly sexually assaulting two young girls over the course of two years, the Weld County District Attorney’s Office announced Monday. Christipher Shafer, 48, was […]