Sports Betting Hits Another Jackpot

Sports Betting Numbers Escalate; Local Towns Getting Stiffed

Sports betting continues to emerge as a big winner in the state gambling arena.

Only one big downer, Cripple Creek and Teller County are still left out of the picture, as far as receiving any revenue from this industry. That is a touchy subject with local leaders, since Colorado sports betting  activity actually got its start through its voter-approved legal ties with casinos in the three gambling communities.  A proposition to lift the revenue cap on sports betting is one state issue being decided by Colorado voters this November.

According to the Colorado Division of Gaming’s latest sports betting figures, taxes collected continued to increase, with a 32.37 increase through August, compared to the same period last year.

And as far as the total handle figure, sports betting is still generating amazing numbers.

In August, sports betting, based on wagers made at local casinos or through their related apps and sports books, generated $373 million, representing a 21.67 percent increase from the same period a year ago.

Fiscal year sports betting taxes collected continued to increase, with a 32.37% increase through August 2024 compared to the same period last year. The total taxes for August alone were estimated at 2.4 million, which is a mega, 32 percent increase from August, 2023.

And for the first two months of the current fiscal year, the division has reported total bet wagers at nearly $693 million.

The amount of revenue generated by sports betting far exceeds its designated, projected limits, which is why this issue is being decided by the voters this November. Cripple Creek officials have lobbied against this de-Bruceing measure, contending that the gaming communities and adjacent cities and counties deserve a piece of the pie.