Colorado’s sports betting industry is booming, with tax revenue from the activity skyrocketing in recent years. In September 2022, the state reported a 518% increase in tax revenue from sports betting, compared to the same period in 2021. This represented nearly $3 million paid out by sportsbooks in September 2022, compared to less than $500,000 from the same month in 2021.
As more people turn to online sports betting, this trend is expected to continue with the addition of new sportsbooks in the state. The revenue generated from sports betting benefits the state’s economy and helps fund important projects such as education and infrastructure improvements.
With its successful implementation of legalized sports betting, Colorado serves as a prime example of the potential benefits for other states considering similar measures.
Record-breaking Revenue Month
Colorado’s sports betting handle exploded in September, increasing by 55% compared to the previous month. The $408.3 million in bets far surpassed August’s total of $290 million, and while the jump is significant, it is not entirely unexpected. Colorado’s legal sports betting action has been growing steadily, with a 10.2% year-over-year increase. However, the month-over-month growth has been much more dramatic, totaling more than 36%.
According to recent reports, betting sites in the state posted an 11.4% hold in September – a record for the state and well above August’s win rate of 8.9%. However, the most noteworthy change is the revenue – both for the online sportsbooks and the state.
The state’s Water Implementation Cash Fund, which receives revenue from sports betting, is seeing significant growth year-over-year. In August, there was a 150% increase compared to the previous year… and in September, there was an even bigger 518% jump.
This is huge news for the state, and it’s clear that sports betting is here to stay. With such positive momentum, it will be interesting to see how much revenue is generated in the coming months and years.
Football Season Is Now In Full Swing
Football has always been America’s favorite sport. It is a time-honored tradition that takes place every fall, and fans eagerly await the start of the season each year. This year was no different, and as soon as football season began, the MLB quickly lost its position as the most bet sport.
Football came in first place for the most bet-upon sport in the state, contributing 32.4% to the total handle. Although baseball was second at 18.5%, college football wasn’t far behind at 11%.
Even though casinos in Colorado had an overall increase in the amount of money held, or kept, online sportsbooks actually lost money from bets placed on tennis, baseball, mixed martial arts (MMA), boxing, and golf.