Football Boosts Colorado Sports Betting By 55% In September

With the onset of football season, the sports gambling sector in Colorado witnessed a significant surge.

According to a press release from the Colorado Department of Revenue, Colorado casinos recorded a handle of $450,232,597 in September 2022. This represents a significant increase of 55.2% from the previous month’s handle of $290,107,970.

However, there was a surge in sports gambling in Colorado from 2021 onwards. In September of the following year, a staggering 408,314,625 bets were placed in Colorado & Rusquo. This translates to an annual increase of approximately 10.27 percent, equivalent to around $42 million.

In the current calendar year, Colorado’s sports betting control has experienced significant growth, particularly in the last month. With a handle of $505,611,080, it became the second-highest performing month after March. The total income generated by Colorado during this period amounted to approximately $51.3 million. Comparatively, September’s numbers reached $25.9 million, indicating a nearly doubled revenue in August and the same period.

Colorado ranks as the eighth state, boasting a minimum of $50 million in revenue achieved in September.

Professional sports betting predominate in Colorado casinos.

Football is the leading sport in the realm of sports betting and also holds the top spot in terms of viewership worldwide. During the autumn season, this trend is observed across the majority, if not all, states. In Colorado, professional baseball used to reign as the most favored sport for participation.

In September, bettors wagered a total of $145,707 and $490 on professional sporting events. This amount is approximately $20 million higher than the wager made on sports during the same month in 2021.

With the beginning of the 2022 season, great excitement enveloped the Denver Broncos. However, Bronco fans were filled with anxiety when they made a monumental offseason move by acquiring Russell Wilson, a nine-time Pro Bowl quarterback.

Professional sports betting in Colorado resulted in bettors winning a staggering sum of $129,659,2032.

Ball ranked as the second most popular sport, with bets reaching a staggering total of $83,248,832. College basketball was priced at $52,658,673 during that time. The top five sports were basketball with $21,600,442 in bets, followed by tennis with $33,070,571.

In September, before the playoffs, the regular season of MLB came to a close. Regrettably, the Colorado Rockies did not secure a spot among the teams competing for the playoffs.

However, it is unsurprising that college soccer took a backseat to basketball, considering the high level of excitement surrounding the sport.

Colorado casinos established a new taxes income history.

In September, Colorado costs experienced a remarkable surge. The Colorado Department of Revenue reported that the revenue generated by the state and its constituents reached an unprecedented high of $2,989,342 in a single month.

The & has experienced a growth of 64.04 percent compared to the previous month’s figure of $1,822,272.

Furthermore, there has been a significant surge in revenue statistics for the month of September. Specifically, in September 2021, the issue generated a mere $484,048 in revenue.

The convey benefits from your Colorado using dollars.

In 2019, Colorado introduced the measure known as Legalized Sports Betting with Tax Revenue for Water Projects, which aimed to fund water initiatives. Under this law, a 10% tax was imposed on sports betting earnings, with the proceeds allocated to the Colorado Water Plan.

The Colorado Water Plan generated over $11 million in sports betting revenue for the fiscal year 2022, representing a $5 million funding increase compared to FY21.

The revenue generated from sports betting plays a crucial role in supporting multiple state initiatives, specifically aimed at bolstering the Colorado Water Plan. These initiatives encompass facilitating access to raw water sources, establishing a repository for fresh water supplies, and initiating diverse agricultural ventures.