Colorado sportsbooks see 102.5% gross gaming revenue growth in August

As reported by PlayColorado, the state’s sportsbooks leveraged on baseball, early-season college football and NFL futures betting to fuel the first month-over-month gain in betting volume since May. 

The boost to nearly $212 million in wagering in August made Colorado the sixth state to haul in more than $3 billion in lifetime bets. 

The state's online and retail sportsbooks accepted $211.9 million in wagers in August, $208.3 million of which came through online operators, according to data released Monday by the Colorado Division of Gaming. 

Gross gaming revenue hit $15.2 million last month, up 102.5% from $7.5 million in August 2020. After promotional credits, net sports betting proceeds in August landed at $7.1 million, which yielded $726,365 in tax revenue. 

Since launching in May 2020, Colorado's sportsbooks have generated:

• $3.2 billion in wagering
• $213.1 million in gross gaming revenue
• $10.2 million in state taxes

Ian St. Clair, analyst for PlayColorado.com, 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 merely a precursor for what we expect for the final four months of the year, which should bring an onslaught of fresh records."

Eric Ramsey, analyst for PlayUSA.com Network, added: "Colorado is remarkably consistent, and continues to outperform the size of its population base. With even a decent football season, sportsbooks will reach $3 billion in wagers and $200 million in revenue for the year. Those would be impressive annual totals for a state that is still maturing as a sports betting market."

With brands like Barstool and the Sports Illustrated Sportsbook having launched in the state, Colorado is now home to more online operators than any other state, accounting for 26. 

In August, baseball was again the most popular sport to bet on with $69.6 million in bets, up from $59.9 million in July. Tennis ($13.5 million), soccer ($11.5 million), basketball ($10.6 million), and table tennis ($8.1 million) all drew significant wagering in August, too.

Football, however, is the most relevant sport for fans, and it shows in the final numbers. Pro football drew $13.6 million in wagering, up from just $586,203 in July. College football attracted an additional $2.6 million. 

St. Clair commented: "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."