Sports betting seems like it’s on the tip of everyone’s tongue these days, whether they care to participate in the action or not. It’s everywhere – billboards all over cities, full-page ads in newspapers, buzz on social media. New Jersey reported a MASSIVE gambling windfall for August, with online sportsbooks like BETMGM and casinos recording over $668M in wagers.
Jersey’s massive sports betting haul in August set a record for the biggest gambling month of all time, beating a previous US record of $614 million set in Nevada in November 2019.Meanwhile, other states are recording similar enthusiasm. Sports gambling rolled out in Colorado in May, quickly doing $38.1 million in June despite a relatively barren sports landscape (…table tennis was the biggest sport bet-on in May, with over $7 million in bets placed on table tennis alone). In July, that number grew to $59,183,619.73, according to the state.
In August, with the return of the MLB and NBA, sports gambling skyrocketed in the Centennial State. According to a new report from the Colorado Division of Gaming, the total amount of sports betting wagers in Colorado for the month of August grew over 117% from July to $128.65M. Basketball was the biggest sport bet on during the month by far, with hockey making up about 10% of the action, golf about 3.5%, and MMA about 1.5%.
Soccer accounted for about 2.7% of wagers placed in Colorado during the month August.
The State of Colorado also notes what this means for taxes collected by the state from the net sports betting proceeds. Over $189,000 in June alone.
“The total handle for both retail and online sports betting wagers in Colorado in August totaled $128,646,209.09. The total taxes collected from the Net Sports Betting Proceeds were $189,461.84,” state officials noted in a news release on Wednesday.
There’s no question Colorado will absolutely shatter those numbers in September with the return of the football season.
Meanwhile, Tennessee will soon join states like Colorado with online sports gambling.
Buckle up – There’s still a lot of states yet to roll out.
The craze is just getting started.
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