- After launching in May, the Colorado sports betting market saw over $1.2 billion in total handle wagered in 2020.
- The December betting handle in Colorado reached $284.6 million.
DENVER – The continuing expansion of legal sports betting across the USA has been a fascinating trend to follow for anyone interested in the world of gambling. Colorado sports betting, in particular, was one of the biggest emerging players in 2020.
The Centennial State launched its state-sponsored online sports betting platforms on May 1.
Since then, the state saw nearly $1.2 billion in wagers made and ended the year with new records in single month betting handle, and mobile betting handle for the month of December.
Legal sports betting has been dominating the US markets since the repeal of PAPSA in 2018 on a federal level, with Colorado as one of the newest markets for expansion.
In December, CO bettors accumulated a handle of $284.6 million, a 23% increase over November’s $231.2 million in wagers.
According to a press release by the Colorado Division of Gaming released Monday, the state collected over $500,000 in taxes in December and nearly $800,000 in November.
The reason for Colorado’s sports betting explosion can be attributed to the state having one of the most competitive markets and favorable laws allowing for many platforms to establish a foothold.
The state welcomed around 20 new sportsbook operators, both physically and online in 2020.
“Hitting the $1 billion mark is a milestone event for the department, leading us to believe that the trust and competition in the industry are leading bettors from the black market to the regulated market,” said Dan Hartman, director of the Colorado Division of Gaming. “We believe the legal marketplace is having and will continue to have a positive impact on Colorado.”
Colorado sports bettors will soon begin to compete with some of the biggest markets in the country, like New Jersey and New York.
This is especially true for mobile sports betting, which was 98.6% of the total CO betting handle in December.
For the month, the top five sports for CO bettors were the NFL, followed by the NBA, College Basketball, College Football, and Table Tennis rounding out the list.
This is likely just the beginning of the expansion and tax profit for one of the biggest sports states in the country.
News tags: Colorado | sports betting | sports betting market | sports betting revenue
Jimmy began his journalistic journey as a stat recorder and PA announcer for his middle school baseball team. Full of experience across print, broadcast, and sports radio, he brings his knowledge and toolkit to the LegalSportsBetting team. You can find him watching sports, making parlays, and listening to music on any day ending in Y.