Colorado sports bettors place $2.3B in wagers in first year

LAKEWOOD — Colorado sports bettors placed $2.3 billion in wagers in the first year of legal sports betting, which marks its anniversary this month.

The Colorado Division of Gaming released initial, unaudited figures for the first year of the industry, showing that wagers between May 1, 2020, and April 30, 2021, totaled $2,325,477,052, with gross gaming revenues totaling $148,103,448. The net sports-betting proceeds came in at $65,962,159.  

The gross gaming revenues are total wagers or handle minus payouts to players. The net number is all wagers less payouts and less federal excise taxes. A Colorado tax of 10% is applied to the net figure.

SPONSORED CONTENT

The many benefits of simple, coordinated healthcare

Kaiser Permanente combines health care and coverage in one connected system to maximize employee health and minimize employer costs.

“Launching the program in the midst of uncertainty, the Division of Gaming credits the success of the first year to the pragmatic and thoughtful enabling legislation, the partnerships established with industry stakeholders, the open competitive market created through the rules and regulations, and the commitment of the division’s staff and partners to get it right for Colorado,” Mark Ferrandino, executive director of the Colorado Department of Revenue said in a statement that accompanied the first-year results. 

Colorado voters approved sports betting in November 2019. The law permits wagering on numerous sports, with basketball the most popular so far, accounting for about 20% of all wagers, according to information from the Division of Gaming. Rounding out the top five sports in wagering popularity were football, NCAA basketball, baseball and table tennis.

© 2021 BizWest Media LLC