Colorado’s sports betting handle doubles in August

Basketball attracted the most sports wagers, largely down to the NBA playoffs beginning mid-August.

US.- In its fourth month of operation, Colorado’s sports betting handle doubled to $128.6m, representing a 117 per cent increase from July.

Basketball brought in the most wagers, with over $38m spread across retail and online sportsbooks, accounting for 28.9 per cent of total bets. The sport led the way in many states with the NBA playoffs beginning mid-August.

Sports betting was legalised in Colorado in November 2019. August’s handle resulted in a $189,000 tax receipt for the state.

Analyst Dustin Gouker commented: “Considering the obstacles Colorado’s market has had to face since it launched in May, the results so far have surpassed the expectations of all but the most optimistic.

“Colorado is already in a small group of major US sports betting markets, and it has reached that level long before the market has matured.”