Colorado is known for beautiful mountain ranges, legal marijuana, and legalised sports betting and both physical and online casinos. The state pulled in a staggering $1 billion in stakes in the year 2020. There was a substantial amount of $8 million in promotional money handed out to the state of Colorado for the month of June in 2021 to help attract new customers and players.
Business Is Booming
Colorado is the most popular state for online mobile sportsbooks and online casinos. This continues to grow day by day. Sports betting and casinos have not just become a reliable income for the state, but many residents of Colorado have benefited from the money brought in by online gambling and betting. Especially during the heart of a global pandemic when many sports were not being played. Colorado managed to net over $3.4 million in taxes collected from sports betting.
December 2020 was a colossal month for Colorado with state residents placing a massive $284.5 million in bets, which was a 23% increase from the previous month of November. The NFL netted a cool $88 million in betting wagers, with the NBA bringing in just under $43 million.
The state of Colorado now has well over a dozen sports betting and casino apps that can be downloaded across IOS and Android allowing visitors and state residents to place their bets and wagers. However, revenue has dropped in the last few months.
Innovation Is Key
Colorado offers betting on sports that are not available in other states, with things such as soccer and most notably table tennis. This has caused a huge resurgence in popularity in these sports throughout the state of Colorado and has made them increasingly popular to place sports bets on.
Many sportsbooks in the state of Colorado have offered promotional bets on a range of athletes across a multitude of sports that sportsbooks in other state just simply didn’t offer.
Cheap Operating Fees
With cheap fees for online betting operators to set up and allow residents and visitors to place bets of only $54,000 (2020 operating fee) plus 10% tax, it would be a shame to miss the opportunity of setting up. There are already a large amount of online betting apps already legally operating in the state of Colorado.
Getting Bored of Vegas?
With Las Vegas only states hop away, throughout the pandemic many people couldn’t travel due to travel restrictions or simply didn’t want to risk the trip, which left them bored at home in a state were online betting had just recently been legalised.
Why travel when you can download an app and have casinos and online sports betting right at your fingertips? Many people opted to stay in the state of Colorado and carry out their gambling activities rather than taking the trip to the state of Nevada.