Football is back, and with it came a major boost to the Colorado sports betting industry.
According to the press release from the Colorado Department of Revenue, Colorado sportsbooks saw a handle of $450,232,597 in September 2022. That’s a 55.2% leap from August’s handle of $290,107,970.
It was even an increase from 2021’s CO sports betting numbers. Last year, Colorado’s September betting was $408,314,625. That’s a year-over-year increase of 10.27% of roughly $42 million.
September marks the third consecutive month this calendar year in which Colorado’s sports betting handle increased. It was the second-highest month this calendar year after March’s handle of $505,611,080. In total, Colorado saw roughly $51.3 million in revenue. September’s revenue nearly doubled August’s numbers ($25.9 million).
Colorado is just the eighth state to command at least $50 million in revenue for September.
Pro football bets dominate Colorado sportsbooks
Football is king, not just in viewership but in the sports gambling realm. It’s a trend most, if not all, states see each fall. Professional football, specifically, was the most popular sport to bet on in Colorado.
Bettors wagered $145,707,490 on professional football in September. That’s nearly $20 million more than what was gambled on the sport in 2021 that same month.
There was plenty of excitement surrounding the Denver Broncos heading into the 2022 season. Acquiring nine-time Pro Bowl quarterback Russell Wilson in a blockbuster offseason trade sparked a frenzy in the Bronco fanbase.
Colorado bettors ended up winning $129,659,2032 from professional football bets.
Baseball was the state’s second-most popular sport, netting $83,248,832 in bets. College football was next at $52,658,673. Tennis ($33,070,571) and basketball ($21,600,442) rounded out the top five sports.
During September, the MLB’s regular season wound down before the postseason. Unfortunately, the Colorado Rockies were not one of those teams vying for a playoff berth.
But with plenty of excitement surrounding the sport, it’s not a surprise baseball ranked second above college football.
Colorado sportsbooks set new tax revenue record
September was a great month for Colorado taxes. According to the Colorado Department of Revenue, the state set a new record for the highest amount it’s ever collected in a single month: $2,989,342.
Compared to the month prior, that’s a 64.04% increase from August’s $1,822,272 figure.
September’s tax numbers show significant growth year-to-year as well. In September 2021, the state collected just $484,048 in taxes.
Your Colorado gambling dollars help the state
In 2019, Colorado introduced the Legalized Sports Betting with Tax Revenue for Water Projects measure. That act placed a 10% tax on sports betting profits, allocating those dollars to the Colorado Water Plan.
In the fiscal year 2022, more than $11 million in sports betting revenue went to the Colorado Water Plan. FY22’s funding was a $5 million increase from FY21.
Sports betting taxes directed toward the Colorado Water Plan help with various state projects. Those include new water supply storage, raw water supply, water conservation and various agricultural projects.