Colorado’s sports betting industry maintains its upward trajectory, with the latest figures indicating robust growth in the state’s wagering activity. According to the Colorado Department of Revenue, the sports betting handle for August reached an impressive $306.1 million, reflecting a substantial 5.5% year-on-year surge. This surge demonstrates the growing popularity of sports betting among Colorado’s residents and visitors, highlighting the sector’s continued success.
Digital Dominance
Online sports betting remains the preferred choice among Colorado’s bettors, with players wagering the lion’s share of bets through digital platforms. In August, a staggering $304.2 million was placed online, emphasizing the convenience and accessibility offered by digital sportsbooks. Retail sportsbooks contributed $1.9 million to the total handle.
Steady Revenue Performance
The Colorado sports betting market also exhibited consistent revenue performance. In August, gross gaming revenue reached $25.9 million, a figure that remained level with the same month in the previous year. Moreover, this revenue represented a notable 3.6% increase from the figures reported in July 2023. The online operators emerged as the primary revenue generators, accounting for $25.6 million of the total revenue.
Player Winnings and Tax Contributions
Bettors in Colorado collectively won $280.2 million from sports betting activities in August. The majority of these winnings, approximately $278.5 million, came from online wagers, with $1.6 million stemming from bets placed at physical sportsbook locations. Colorado’s sports betting market also contributed to the state’s revenue through sports betting tax collections, amounting to $1.8 million.
Sports Betting Preferences
In August, baseball continued to be the most favored sport for wagering, with players betting a substantial $105.5 million on the sport. Tennis secured the second spot in the preferences, with $29.9 million in wagers. Basketball closely followed with a handle of $26.4 million, while a significant portion, $53.5 million, was spent on parlay wagers, further diversifying the betting landscape.
Colorado’s sports betting industry continues to demonstrate its appeal and resilience, with the year-on-year handle growth, online dominance, consistent revenue performance, and a varied sports betting portfolio. The sports betting tax contributions underline the positive economic impact of this regulated sector in the state. As Colorado remains a thriving hub for sports wagering, the industry is poised for a promising future, with further growth anticipated in the coming months.