- Colorado saw a massive boom in sports betting revenue in August.
- The increase is credited to the return of sporting events.
- This is just the fourth month of active legal sports betting in the state.
DENVER – Sports bettors in Colorado have been actively wagering in August as revenue numbers show a massive spike inactivity.
The bulk of the revenue increase has come from betting on basketball, with baseball and hockey following suit.
August saw the return of the NBA and the start of the NBA postseason which may have strongly contributed to the increase in wagers.
Colorado Continues To Grow
The legal Colorado sports betting market has been a major success in its first few months of regulation. August continued that trend seeing a 117% increase in betting handle.
The official reports saw a total betting handle of $128,646,209.09. More than $126 million of the total betting handle game from online wagers.
Colorado took in $189,461.84 in total sports betting tax from sports betting. This shows major growth from July’s revenue numbers.
Betting on the NBA took in over $38 million in the betting handle which was 29.6% of the total sports bets wagered on. The continuing NBA season into the NBA playoffs is the major factor credited with the sports betting boom.
Percentage of Wagers by Sport
- Basketball 29.6%
- Baseball 17.7%
- Parlays/Combinations 17.6%
- Other 10.7%
- Hockey-Ice 10.6%
- Table Tennis 3.5%
- Golf 3.5%
- Tennis 1.9%
- MMA 1.5%
Online sports betting contributed to most of the betting activity, mainly due to the state still recovering from the COVID-19 shutdowns. Most sports bettors are continuing to bet on sports from their homes which explains the massive gap in numbers.
While retail sportsbooks have begun to reopen, it seems Colorado bettors feel safer partaking in sports betting from online and mobile books.
The total numbers are expected to be even bigger for September as the NBA playoffs and NBA Finals will be factored in alongside the start of the NFL betting season.
The legal sports betting market in Colorado in its short four months of activity has already shown to be a major revenue source for the Centennial State.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.