Sports betting, which became legal in May 2020 in the three gaming town after voters in Colorado gave the okay, continues to hit the jackpot.
However, the total bets wagered fell short of the previous month’s figures, according to the latest report by the Colorado Department of Revenue.
Still, the industry recorded $183.33 million for the month of July. This figure represents a 206 percent increase from the same month a year ago, but is down nearly 21 percent from June 2021.
Sports betting continues to shatter previous record expectations. Taxes collected by the state in July from sports betting wagers totaled $999,110.
Most betting is done online and at mobile apps, set up by casinos through third-party playbook companies. There are currently 25 online operators and 17 retail operators currently running in Colorado, according to state figures.
According to the Department of Revenue, bets on professional baseball games led the pack with $61 million in wagers. Baseball was followed by basketball, soccer and tennis as the main areas of interest among sports betting enthusiasts.
The growth of this industry has been cited by local government officials. Teller County Assessor Colt Simmons played a role in new state legislation, aimed at better ways to assess local casino properties, with the development of this industry.
Simmons noted that the industry generates a bet level of approximately $3 billion a year.
Sports betting was authorized by the voters of Colorado during the 2019 election. The legalization of sports betting actually took a giant step forward with a previous Supreme Court decision that allowed states to set the rules for professional sports betting, ending the exclusive arrangement that existed in Las Vegas and Nevada.
On the downside, the city of Cripple Creek does not reap many financial benefits, in the form of new revenue from the new burgeoning industry.
Distributions to beneficiaries from the sports betting cash fund for the fiscal year 2020-21 will be made at the next Colorado Limited Gaming Control Commission meeting on September 23 in Cripple Creek. For information on the CLGCC and upcoming meetings, visit the Division of Gaming’s website at sbg.colorado.gov/limited-gaming-control-commission.