State wagers over $2.3 billion in first year

The first year of Colorado legalized sports gambling is in the books with some eye-popping returns. Coloradans wagered more than $2.3 billion on sports between May 1, 2020, and April 30, 2021, according to an unaudited report from the state’s department of revenue.

Colorado’s net sports betting proceeds (total bets placed minus all payouts/taxes) reached $65,962,159. In November 2019, voters approved a 10% tax on those proceeds to help fund the state’s water conservation efforts — meaning roughly $6.5 million has been allocated thus far.

“The first year of sports betting exceeded our expectations, especially after we launched amid a worldwide pandemic that shuttered the casinos, the industry, and Colorado,” said Dan Hartman, the state’s division of gaming director, in a news release. “Looking back on a year ago, I don’t believe any of us expected to be where we are with our numbers and our operations. Colorado is setting the benchmark for what a healthy, regulated legalized sports betting market can look like in the United States, and we will continue to be known for our regulatory leadership.”

A breakdown for how Colorado sports gamblers placed their bets: basketball ($435M); football – pro American ($383M); NCAA basketball ($193M); baseball ($105M); table tennis ($91M); hockey ($63M); soccer ($61M); NCAA football ($61M); tennis ($44M); golf ($35M).