Colorado sportsbooks took in over $290 million in bets during August, according to data released this week by the Colorado Division of Gaming (CDG). This represents a 12.3% increase from July when $258.4 million was wagered.
This has been the first time in five months that Colorado reported an increase in the amount wagered.
Colorado Sports Betting August Report
As per the Colorado Sports Betting Proceeds report by the CDG, Coloradans bet the most on Baseball with a total amount wagered of $117.8 million. This is far above tennis with $29 million wagers.
According to the CDG, online sportsbooks still dominate the market as they account for almost $288 million of the total handle reported. The reason for this is likely due to the convenience and accessibility of online sportsbooks.
Bettors can place bets from anywhere in the state, and they often offer greater promotions than retail sportsbooks. Additionally, online sportsbooks offer a wider range of betting options, including props and live betting.
For these reasons, online sportsbooks will likely continue to dominate the Colorado market in the future.
Growth in Taxes
CO sportsbooks retained $25.8 million while the state levied a total of $1.8 million in state taxes.
In an interview, Analyst Ian St. Clair said that the collection of tax revenue from sports betting in Colorado over the last year.
“Through the first year or so of Colorado sports betting, there was some angst over the small amount of taxes coming to the state,” the analyst said.
“But from October last year through August, we’ve started seeing consistent months of over $1 million in state taxes. In fact, August is now the second-highest tax month since sports betting launched here with $1.9 million, trailing only the $1.98 million from November 2021. That’s a great sign, but it’s only the beginning.”
St. Clair also stated that September shows promising figures and estimated that handle could reach $600 million and can result in record-breaking tax revenue collected by the Centennial State.