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Colorado’s online sportsbooks are growing at an absolutely absurd rate. It’s almost as if sports betting should have been made legal, I don’t know, 10 years ago, but hey, you take what you can get.
According to the Department of Revenue’s Division of Gaming, Colorado’s sportsbooks collected over $210.7 million in wagers during the month of October. Colorado residents wagered a reported $207 million in September and $128.6 million in August.
As for winnings being paid out, a reported $193 million was dished out in October. Those are some astronomical figures given the fact sports betting has only been legal in The Centennial State since May 1, 2020.
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The total taxes collected from the near $211 million was just more than $824,000, according to the Department of Revenue.
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If you need a clear cut example of just how massive legal sports betting has already become in a short period of time, Colorado’s massive October leaves it sixth behind Indiana, New Jersey, Pennsylvania, Illinois, and Nevada in terms of sports betting markets.
The NFL is dominating the sportsbooks in Colorado with a reported $67 million worth of wagers in October. College football was the next-most wagered sport.
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With Colorado’s successful October, the legal sports betting handle in the United States as a whole is expected to hit a new high of over $3 billion.
Tennessee, where the legal sports betting market only went live on November 1, has also seen huge numbers thus far. Sports bettors in Tennessee wagered nearly $27.4 million in the first week of legal sports betting around the state. Tennessee was the 18th state to make sports betting legal while becoming the first state with sports betting taking place exclusively online.
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[H/T Center Square Colorado]