Colorado’s gross gaming revenue for August increased by over 100 per cent compared to the same period last year, according to PlayColorado.
Official data released by the Colorado Division of Gaming revealed that in August GGR increased by 102.5 per cent to $15.2m (2020: $7.5m). Yet, whilst the year-on-year figures saw an increase, Colorado’s GGR was down from $15.7m in July, a 2.7 per cent decrease.
After promotional credits, net sports betting proceeds in August landed at $7.1m, which yielded $726,365 in tax revenue.
Commenting on the development, Ian St Clair, analyst for PlayColorado, 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, $208.3m of the $211.9m in wagers accepted by Colorado’s online and retail sportsbooks came through online operators. Moreover, betting volume saw a 16.9 per cent increase from July last year, and a 64.7 per cent increase from August 2020.
Additionally, sportsbooks boosted to nearly $212m in wagering, making the state the sixth to land more than $3bn in lifetime bets.
August’s results brought a range of milestones, including surpassing $3bn in lifetime wagering.
Eric Ramsey, analyst for the PlayUSA network, also highlighted: “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.”
Since launching in May 2020, Colorado’s sportsbooks have generated $3.2bn in wagering, including $2.0bn thus far in 2021; $213.1m in gross gaming revenue, including $137.3m in 2021; $117.4m in free bets; $95.7m in taxable revenue; and $10.2m in state taxes.
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.”