Colorado Rakes in $212 Million Worth of Bet in Sports Betting for August
By Space Coast Daily // September 30, 2021
Colorado is one of the over 20 states in the US that allow the local operations of sports betting. The state was able to launch sports betting on May 1, 2020, just two years after the Supreme Court of the United States have stricken down the Professional and Amateur Sports Protection Act (PASPA) of 1992 in May 2018.
Since then, the state has been accepting millions of bets from the locals each month as most punters here are already betting on Colorado-licensed casinos and bookies. Wetten.com US is one of the sites that points you to the best Colorado casinos if you’re interested in placing bets.
From the first day of legal sports betting in the state until February of this year, the locals have already bet over 1.8 billion USD and around 4.5 million USD are paid in taxes that will be used to fund Colorado’s water projects and to the Division of Gaming for administrative expenses that are related to sports betting.
Recent Numbers in Colorado Sports Betting
The latest details on the Colorado Sports Betting market have been released and based on the report released by the Colorado Division of Gaming, the state’s punters have placed almost $212 million worth of bets in August. This is 47 percent more from how much bets were placed in July and 67 percent more compared to the same month of the prior year (August 2020).
Out of the $211.92 million bets that were placed in the state, bookies paid out $196.69 million to the punters. The most recent report on how much the punters have bet since wagering was made legal in CO is now at 3.8 billion USD. This places Colorado as the sixth state to haul in over 3 billion USD in bets.
PlayUSA.com’s analyst Eric Ramsey recently spoke about how the state’s industry is performing. Ramsey said, “Colorado is remarkably consistent, and continues to outperform the size of its population base. With even a decent football season, sportsbooks will reach $3 billion in wages and $200 million in revenue for the year. Those would be impressive annual totals for a state that is still maturing as a sports betting market.”
For August, the most wagered on sport in the state was baseball with over 67 million USD of bets. Football came in next with over 10 million USD and this number will surely go up now that the NFL season is here.
PlayColorado.com’s analyst, Ian St. Clair spoke about this and said, “A mere taste of football in August showed its importance to sportsbooks. But what we saw last month is just a precursor for what we expect for the final four months of the year, which should bring an onslaught of fresh records.”
More About Colorado Sports Betting
While the local industry has already made billions of dollars, what the state is getting from it isn’t as much based on the reports that the Colorado Division of Gaming has released. In February, House Speaker Rep. Alec Garnett who sponsored the bill that led to Proposition DD have spoken about this with 9News.