Colorado Sees Huge Jump in Sports Betting Wagers
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On Wednesday, The Colorado Department of Revenue’s Division of Gaming released its sports betting numbers for August, and they did not disappoint. The Centennial State saw a $128.6 million betting handle for August, a 117 percent increase from July. The report can be found here.
Thanks to mainstream sports getting back into the mix, Colorado had its best month since the launch of sports betting in May 2020. Revenue for the month hit $7.5 million, and the state collected $189K in taxes.
The month of August was perfect for Colorado. The state launched sports betting at the most inopportune time this year. As professional sports returned to action in July and August, the Centennial State was due for a huge sports betting month. Well, they got it.
Colorado by the Numbers
The state saw over $100 million being wagered on sports in August; $128.6 million to be exact. Revenue increased to over $7 million, and the state collected $189K for taxes.
Not too bad.
Colorado saw the betting handle double from July to August as the state that month had a respectable $59.2 million, but nowhere near what August brought in.
The heavy hitters for the month were basketball, baseball, and hockey. Makes sense as the three biggest professional leagues playing were the NBA, MLB, and NHL. Basketball brought in $38 million, baseball saw $22.8 million, and hockey was $13.6 million.
Table tennis was a popular sport to bet on in the early part of the pandemic, and $4.5 million was wagered on the sport in August, even as professional sports returned to action. Table tennis saw more action wagered on the sport than golf, soccer, and MMA.
Professional sports coming back into action has helped a lot of states across the U.S., including Colorado. New Jersey broke a record for their sports betting handle in August, and Pennsylvania saw big jumps.
The high demand to bet on professional sports finally paid off in August. Colorado doubled its sports betting handle in one month and could have another big jump come September when the NFL gets involved.
Can Colorado Repeat in September?
Not only will Colorado repeat what they did in August, but they will most likely exceed their August numbers next month.
There has been a huge demand for sports betting since the coronavirus took off in the U.S., and sports bettors had to wait until late-July to bet on professional sports. Sure, they could have gone for Korean baseball or Russian table tennis, but that is not the same.
Late-July saw some professional action, but August was a beast of a month as the NBA, NHL, and MLB were all in action. The state doubled its betting handle in one month.
Now, they could see another huge jump with the NFL getting underway. All four professional sports will be in action during September. The NBA and NHL are wrapping up their playoffs while the MLB is in the final month of the season. Not to mention, the most popular U.S. sport, the NFL, is back in action.
The NFL is a different beast to bet on, which is why football was so vital for sportsbooks this year. With the number of people betting of football, especially this year with legalized sports betting, there is no doubt that September will see another big jump in the Centennial State.
