Colorado Gaming Grew 100% During August
Author: Debbie Hewlett
Last Updated: 27th February 2023
According to PlayColorado, overall gaming income in Colorado grew by more than 100 percent in August compared to the same period last year.
According to official figures given by the Colorado Division of Gaming, gross gaming revenue grew by 102.5 percent in August to $15.2 million (2020: $7.5 million). Despite the improvement in year-over-year data, Colorado’s GGR was down from $15.7 million in July, a 2.7 percent reduction.
After promotional credits, August’s net sports betting earnings was $7.1 million, generating $726,365 in tax income.
Ian St Clair, an analyst for PlayColorado, commenting on the development, said: “It’s encouraging to see a bump ahead of the most important four-month stretch of the year. 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.”
Furthermore, internet operators accounted for $208.3 million of the $211.9 million in wagers accepted by Colorado’s online and retail sportsbooks. Furthermore, betting volume increased by 16.9 percent from July of last year and by 64.7 percent from August 2020.
In addition, sportsbooks increased wagering to approximately $212 million, putting the state in sixth place among states with more than $3 billion in lifetime wagers.
August’s results included a number of significant achievements, including topping $3 billion in lifetime wagering.
Eric Ramsey, a PlayUSA network analyst, also mentioned: “Colorado is remarkably consistent, and continues to outperform the size of its population base. With even a decent football season, sportsbooks will reach $3bn in wagers and $200m in revenue for the year.
“Those would be impressive annual totals for a state that is still maturing as a sports betting market.”
Colorado’s sportsbooks have generated $3.2 billion in wagering, including $2.0 billion in 2021; $213.1 million in gross gaming revenue, including $137.3 million in 2021; $117.4 million in free bets; $95.7 million in taxable revenue; and $10.2 million in state taxes since their inception in May 2020.
St Clair added: “The difference between a great football season and a merely very good fall for sportsbooks may come down to how local teams fare.
“If there is a concern for operators it is that Colorado, Colorado State, and Air Force each had significant missteps to open the season, which could dampen some enthusiasm. But the Broncos’ hot start will likely more than make up for that.
“If the Broncos can continue to play well, it could really drive sports betting to new heights.”