Colorado Sports Betting Gets Millions in Wagers

Colorado Sports Betting Gets Millions in Wagers

Gaming officials said that legal sports betting in Colorado collected around five times more money than their initial estimates. According to the latest report, Colorado sports betting handle during the first week of the NFL season was about $44 million.

Football brought a lot of action to sportsbooks in the state. Also, it is the largest market for sports wagering. People who use the best sports betting software said that revenue from sports betting funds conserve water initiative, improve state infrastructure, protect natural habitats, and more.

The state’s Division of Gaming said that they set aside around $8 million for the Colorado Water Plan. In addition, it finances projects in various categories.

Colorado Sports Betting Revenue Increases

Colorado Sports Betting Gets Millions in WagersAccording to sportsbook software reports, the Colorado Water Conservation Board supervises the use of the money. Also, it looks for projects that belong in more than one category. For instance, the Colorado Springs Utilities project brings water from the Eagle River Basin towards Aurora and Colorado Springs.

Before legal sports betting, the Colorado Water Conservation Board state savings funded its grants. However, everything changed with the arrival of sports wagering in the state.

Initially, administrative investigators projected betting between $9.7 million to $11.2 million in its first year. However, not long after voters approved its legalization, state authorities cut their evaluations for 2020-2021 to between $1.5 million and $1.7 million. They said that some casinos don’t want to pay $125,000 yearly for sports betting.

During the pandemic, the pandemic shut down businesses for a couple of months. However, bettors continued their activities via online sports betting platforms. According to sources, the $3 billion in wagers from May 2020 to July 31, 2021 converts into $9.4 million in state income.

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