Colorado’s Sports Betting Revenue Increased Again in August

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Industry

Colorado’s sports betting industry is one of the newest in the country. Fortunately, it’s already proving to be hugely profitable for the state. New reports show that Colorado’s sports betting revenue increased once again during the month of August.

It’s an impressive development for this state. Colorado is proving to have one of the biggest new sports betting markets in the United States. Today, we’re going to look at exactly how much money the state’s sports betting industry brought in last month.

Let’s get into it!

More States Around the US Are Expected to Legalize Sports Betting This Year

Sports betting is more popular around the US than ever before. Since mid-2018, every state has been given permission to formally legalize and regulate this form of gambling. A little over two years later, 24 states have already passed sports gambling bills.

Some are finding this industry to be more profitable than others. New Jersey is seeing its gambling revenue surge right now. Not long ago, the state earned a record-high amount of revenue from its regulated sports betting industry.

Several different states now seem close to legalizing sports betting. That includes Connecticut, Maryland, and Louisiana. More state leaders seem to recognize how much revenue this industry can bring to the state.

It’s an interesting time for gambling operators in the country. We’re seeing new land-based and online sportsbooks appearing every month. Even some of the top sports gambling companies in Europe are now focusing the majority of their operations in the new US market.

Colorado’s first legal sports betting options were launched in March of this year. It’s now clear that a huge number of residents here enjoy placing bets on their favorite sports. Once again, revenue from this industry has increased during the course of the month.

Here’s a look at exactly how much the sports betting operators managed to bring in last month.

Colorado’s Sports Betting Revenue Surges During August

Everyone knows that Colorado has one of the largest sports fan bases in the United States. This state is home to several successful major sports franchises including the Denver Broncos, the Colorado Rockies, and the Denver Nuggets. It came as no surprise that lawmakers here eventually approved a bill to legalize sports betting.

Colorado’s first regulated sports betting option launched in March of this year. It immediately became clear that this state enjoyed this new gambling option. Revenue has increased each month that it’s been available.

In May, Colorado’s sports betting handle came to approximately $25 million. In June, this increased to $38 million. Reports then surfaced that the state’s sports gambling options brought in $59 million during July.

This upward trend has continued into August. Reports show that this industry brought in $128.6 million last month. That’s the largest increase yet this year. Many credit the return of many professional sports for this rise in earnings.

Dan Hartman, Director of Colorado’s Division of Gaming, spoke about this trend to the media this week.

“August was a big jump from July and we will see the same thing in September. Football will be a big deal for the numbers in September,” Hartman said. “I thought we would see really good numbers like this when professional sports started coming back. I look forward to where we will be when the market stabilizes. We are still trying to figure out what the new normal is in sports. We probably won’t know until we get back to the traditional sports seasons.”

With the new figures on Colorado’s sports betting revenue, this state is now the fifth-largest sports gambling market in the United States. It remains approximately $40 million behind Indiana. We’ll need to wait and see how much money this industry brings in this September.

NFL Betting Boosts Revenue Around the US

The National Football League remains the biggest and most popular sports league in the United States. The first game of the season officially took place on September 10th and is scheduled to conclude on February 7th of 2021. Tens of millions of Americans are expected to wager on the season this year.

As we’ve already mentioned, a huge number of states around the country now have regulated sports betting options available. States are seeing massive revenue figures earned from these betting platforms. Many are clearly showing an increase with the NFL up and running.

Colorado’s sports betting revenue just hit another record. We’re likely to see more states report similar reports, as well. Some analysts even feel that New Jersey could once again break the all-time record during September.

Don’t be annoyed if your state hasn’t chosen to regulate sports gambling yet. There are a number of fantastic sites offering odds on the NFL that are available throughout the entire county. One of our favorites is Bovada.

This site provides odds on every game of the season. It also allows its members to place wagers on the future season outcomes. Check it out today to see everything that’s currently available!

Are you surprised to see sports betting revenue in Colorado continue to rise? Do you think this will continue for the rest of 2020? Let us know in the comments section below!

Kevin Oldroyd

A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...

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