Colorado sports betting handle soars 117% in August, driven by NBA

The return of professional sporting events has resulted in significant growth of sports betting numbers in Colorado in August, which saw a 117% increase in total handle over July. It is the third straight month the state saw increases in sports betting.

On Wednesday, the Colorado Department of Revenue’s Division of Gaming released the monthly figures for August’s sports betting wagering and taxes, the fourth month of legalization. The total handle for both retail and online sports betting wagers amounted to $128.64 million. The gaming win for the month was $7.52 million with a gaming win percentage of 5.85%. Total taxes collected from the net sports betting proceeds were $189,461.

The top three sports by total wagers, both retail and online, in August were basketball with $38,040,027, baseball with $22,789,309, ice hockey with $13,594,062. Basketball wagering took 29.6% of the total stake. Table tennis is still in significant numbers with 3.5% of the action.

The National Basketball Association, National Hockey League and Major League baseball were all in play in August. Twelve betting categories are part of the August monthly summary, which did not include “football.” The National Football League’s 2020 season kicked off in September.

In November of 2019 Colorado voters passed Proposition DD, paving the way for gamblers in the state to place legal bets. Legalized, regulated sports betting began on May 1.