Colorado has enjoyed a strong first year for its sports betting segment despite a global pandemic and shuttered operations at casinos.
Colorado’s Revenue Department Satisfied with Sports Gambling Results
The Colorado Department of Revenue has released a statement commemorating the anniversary of the launch of sports betting in the Centennial State. In the official communication released on Monday, the department said that over $2.3 billion worth of wagers were placed in the first 12 months of operation, with the period encompassing the period between May 1, 2020, and April 30, 2021.
The tally stood at $2,352,477,052 as per official information provided by the department. Gross gaming revenue (GGR) for the period hit $148,103,448 and net sports betting proceeds managed to reach $65,962,159, official data revealed.
Commenting on these results, CDR executive director Mark Ferrandino said that the Division of Gaming called the first year of sports gambling operation a success across all important verticals, including the partnerships between stakeholders, the finalization of regulation, and developing a competitive market for sports gambling products.
Division of Gaming Enforcement Sees It Same Way
Division of Gaming director Dan Hartman welcomed the results and explained that the first year of sports betting beat the regulator’s expectations and especially in the context of a global pandemic that many experts thought would tank revenue in Colorado, as it had shuttered casinos in the state.
“Looking back on a year ago, I don’t believe any of us expected to be where we are with our numbers and our operations. Colorado is setting the benchmark for what a healthy, regulated legalized sports betting market can look like in the United States, and we will continue to be known for our regulatory leadership,” Hartman explained further.
Colorado has just dropped gambling restrictions in the state on May 1, and under the new, more liberal gambling rules, the state should see a strong start of its second year in regulated sports gambling. Not only that, but sports have almost fully returned as vaccination in the United States is going strong.