Colorado Sportsbook

  • Colorado sportsbooks collected over $443 million in revenue after paying the state nearly $32 million in tax benefits during 2024.
  • After seeing $5.1 billion in bets for 2022 and $5.5 billion for 2023, Colorado bettors broke the $6 billion marker in 2024.

DENVERColorado’s sports betting industry reached new heights in 2024, surpassing $6.18 billion in wagers according to a press release by the Colorado Division of Gaming on Thursday.

The state’s sports betting handle has steadily climbed year over year, generating $475 million in revenue and $31.9 million in tax benefits.

All record highs, the amount of money bet on sports in Colorado in 2024 was 11.3% higher compared to 2023.

Colorado’s Growing Sports Betting Market

Year Handle (Total Bets) Revenue (Profits After Payouts) Tax Benefits
2024 $6.18 billion $475.1 million $31.9 million
2023 $5.56 billion $391.9 million $27.4 million
2022 $5.18 billion $351.9 million $19.6 million

Despite ending the year with a report having December handle ($648 million) lower than December 2023’s $716 million, Colorado’s market remains on a strong upward trajectory. The increase in hold percentage (how much sportsbooks keep after paying bettors) also contributed to record-breaking revenue for the industry.

The Real Impact: Funding Water Conservation Efforts

While Colorado sports betting has been a financial success, its true significance lies in its tax contributions—specifically, how those funds are now being used.

These funds are earmarked for water conservation and protection projects, a critical issue as severe droughts and wildfires continue to impact the Western U.S.

However, the state and the voters took an extra step last November with Proposition JJ.

Before approving the measure, Colorado was legally required to refund any sports betting tax revenue above $29 million per year to sportsbooks. But after a landslide 76.4% of voters approved the measure, the state is eligible to fund the extra money into its Water Plan Implementation Cash Fund.

While 2024 would have allotted roughly $2.5 million, the Colorado’s sports betting revenue expectations grow to $5.2 million in 2025 and $7.2 million in 2026.

Already joining six other states demanding greater federal investment in water conservation as the Colorado River faces historic lows, the state is is staying proactive. Now approaching nearly $100 million in tax contributions since launching, the Colorado market has set an example for how legal sports betting can provide real-world benefits.

Advertising Disclosure

In order to provide you with the best independent sports betting news and content LegalSportsBetting.com may receive a commission from partners when you make a purchase through a link on our site.

News tags: | | | |