Colorado Sets New Milestone by Processing $8 Billion in Sports Bets
In the world of sports betting, Colorado continues to make waves as the market shows impressive growth. According to recent data, the state posted an 8.9% hold to claim $25.9 million in gross revenue in August 2022, marking a significant increase compared to the same month last year.
The handle for the first eight months of 2022 is 55.9% higher compared to 2021, with Colorado accepting over $290.1 million in sports wagers in August alone. This surge in betting activity has led to a total sports wagering handle of $8.2 billion since the market's launch in May 2020.
Parlay wagering in August 2022 had a handle of $52.7 million and revenue of $5.7 million, while soccer revenue created an all-time monthly high of $1.8 million, with a 9.5% hold from $19 million wagered. Baseball handle in August 2022 was $117.8 million, marking the fourth consecutive monthly record.
The 8.9% gross revenue hold in August 2022 ranked third all-time in Colorado, and the adjusted hold of 7.6% cleared the previous benchmark of 5.7% from June 2020. The public held the house to a 5.5% hold and $6.5 million in revenue in August 2022, compared to $7.3 million the previous month.
In terms of taxes, Colorado collected more than $1.8 million in taxes for August 2022, and the state has collected $9.2 million in taxes for the 2022 calendar year, running almost $2 million ahead of last year's pace.
While other states surpassing $3 billion in sports wagering handle for the calendar year so far are not explicitly listed, common states with high sports betting volumes, such as Michigan, Virginia, Tennessee, Iowa, and West Virginia, could have also crossed this threshold. For the most accurate and updated numbers, consulting state regulatory reports or industry trackers like Covers or the American Gaming Association would be necessary.
As the sports betting market in Colorado continues to grow, it's clear that the state is becoming a major player in the industry. With August 2022 marking the first time adjusted revenue was at least 75% of the gross revenue claimed, the future looks bright for Colorado's sports betting market.
In the expanding sports betting market of Colorado, the surge in sports wagers led to a parlay wagering handle of $52.7 million in August 2022, reflecting the growth in finance for sports-betting activities. As a result, the sports wagering handle for the first eight months of 2022 is 55.9% higher compared to the same duration in 2021, highlighting the industry's increasing dominance in the state.
