Colorado’s sports betting industry continues to thrive as the state’s handle for August reached an impressive $290.1 million, showing a remarkable 12.3% increase compared to the previous month’s figure of $258.4 million. The surge in betting activity represents a significant 36.9% year-on-year growth, underlining the popularity of sports betting in the state. With 99% of bets placed online, Colorado’s sports betting market is experiencing robust digital engagement. Notably, the state’s tax collections have also seen a substantial rise, reaching $1.8 million in August alone, a 66.8% increase from the prior month and a remarkable 150% surge from the same period last year.
Growing Sports Betting Handle:
In August, Colorado’s sports betting handle reached a record-breaking $290.1 million, indicating a strong affinity for sports wagering among residents. This impressive figure highlights a consistent upward trend in the state’s betting activity, reinforcing Colorado’s position as one of the leading sports betting markets in the US.
Online Dominance:
Online sports betting has become the preferred choice for Colorado bettors, with a staggering 99% of all bets being placed digitally. The ease and convenience of online platforms have contributed to the remarkable growth in online wagering, providing bettors with seamless access to a wide range of betting options.
Baseball Leads the Way:
Among various sports, baseball emerged as the most popular sport for bettors in August, accounting for a handle of $117.8 million. Following closely behind, tennis recorded a handle of $29 million, and football garnered $21.5 million in bets. The diversity of sports attracting substantial bets indicates the broad appeal of sports betting in the state.
Tax Revenue Surges:
The surge in sports betting activity has significantly contributed to Colorado’s tax revenue. In August, the state collected $1.8 million in taxes, representing an impressive 66.8% increase from the previous month. Moreover, this figure reflects a remarkable 150% surge compared to the same period in 2021, showcasing the positive impact of sports betting on Colorado’s fiscal growth.
On Track for Record Year:
Colorado is one of seven states to surpass a $3 billion handle for the calendar year, underscoring its robust and thriving sports betting market. With the pace of tax collections running nearly $2 million ahead of last year, the state is well-positioned to achieve a record-breaking year in sports wagering revenue.
Colorado’s sports betting market continues to soar, with a record-breaking handle of $290.1 million in August. The state’s preference for online betting and the diverse range of popular sports attracting significant wagers contribute to its remarkable growth. As tax revenues surge, Colorado’s sports betting industry proves to be a major contributor to the state’s fiscal prosperity. With the momentum set to continue, Colorado is on track to achieve new heights in sports betting revenue, cementing its status as a flourishing sports betting hub in the US.