Third-quarter numbers are in, and they show that Colorado is one of the fastest-growing states when it comes to gaming revenue.
The AGA’s Commercial Gaming Revenue Tracker showed revenue skyrocketed on a national level, surging to more than $15 billion. That number includes casino games, sports betting and online casino gambling. It was an all-time high in the third quarter.
America’s $15 billion in revenue for the third quarter was an 8% increase year-over-year.
The AGA’s report suggests that 2022 will be the industry’s strongest year thanks to these third-quarter numbers. Year-to-date revenue sits at $44.48 billion – a 14.7% jump from the same time last year.
How Colorado gambling fits into national trend
Colorado gambling revenue in the third quarter totaled $389.7 million, which ranks 14th nationally. Colorado was one of 16 states to see a record in third-quarter revenue.
The other states enjoying similar success were:
- New Hampshire
- New York
- South Dakota
Including Colorado, all jurisdictions but three (Washington D.C., Mississippi, and South Dakota) are on track to jump past 2021 revenue totals.
Colorado also showed the eighth-highest revenue increase (roughly 10%) from traditional land-based casino slot machines and table games. That mark ranked above states like Florida, New York and Pennsylvania, among others.
Colorado sports betting shines on a national level
As a whole, the country saw sports betting make up 11.1% of the gaming revenue in quarter three. Sports betting generated $1.68 billion in revenue – an all-time quarterly record.
Colorado found itself as one of the top 10 states for sports betting revenue quarterly, and that growth shouldn’t come as a shock.
Colorado collected $51.3 million in sports betting revenue during September – nearly double September’s $25.9 million figure. The Centennial State was the eighth state that month to top $50 million in revenue. A good chunk of that jump can be attributed to football’s return.
Much like its revenue, Colorado saw its sports betting handle jump in September. Coloradoans gambled roughly $450.2 million – a 55.2% leap from August’s handle. It marked the third straight month Colorado’s sports handle increased.
Nationally, Americans gambled $15.99 billion on sports during the third quarter. That’s a 40.9% jump from last year.
Colorado also boasted a win rate of 11.4% in September – the highest in the state’s 29 months of legalized gambling. It was the first time Colorado recorded a hold of more than 10% since May 2020.
The state also recorded $2,989,342 in sports betting taxes, which is an all-time high for a single month.
A look at slots and table games
Slots, table games and sports betting netted all-time quarterly records across the country.
At casinos, slot machines and table games made up $12.27 billion in the country’s commercial gambling revenue, which equates to 80.9%.
Online casino games accounted for $1.21 billion in revenue or 8% of the total – something to keep an eye on should Colorado legalize that sector.
It’s essentially a matter of when, not if, Colorado legalizes online casino gambling. In October, PlayStar Casino partnered with GF Gaming to secure access to the state’s online casino market when it kicks off.
Gambling in Colorado is currently limited to three cities: Black Hawk, Central City and Cripple Creek. There’s no clear-cut timeline for if those rules will change any time soon.
But should Colorado legalize online casino gambling, it would enter a promising industry nationally.