State’s Share Decreases as Colorado Sports Betting Witnesses Spikes in September

State’s Share Decreases as Colorado Sports Betting Witnesses Spikes in September

Sports betting is dramatically increasing its total handle in the state of Colorado but the share of the states is shrinking. During the month of September, generous bonuses from operators led to a smaller overall share of the state.

Betting turnover increases from August

According to recently released data from the Colorado Department of Revenue’s Division of Gaming, the state’s licensed bookmakers generated a total betting turnover of $207.6 million in September. This figure is 61% higher than the month of August and also marks a new record for the market. The betting revenue for the month of September barely touched $4.2 million.

State’s Share Decreases as Colorado Sports Betting Witnesses Spikes in September

The gross online betting revenue was $3.76 million which was offset was by the $3.79 million in “net sports betting proceeds”. This led to a drop in the net taxable revenue which was only $394 million. The state’s share was less than $70,000 for the month.

Though the authorities did not mention it explicitly, the small tax return for the month was most likely because of the bonus offers to bettors. These loss-making bonus offerings are designed to help bring more users to the platform. As the NFL action is going to start, operators have offered generous bonus offerings. A similar phenomenon was witnessed in Pennsylvania earlier this week.

Why Colorado state revenue matter?

The state of Colorado plans to use the funding received via gaming options to help its water projects. Sports betting was legalized on the same theory that it could save the residents from $29 million in new taxes. In July, the state earned $242k, followed by $189l in August and roughly $69k in September. This downward trend means that there could be some kind of surprise in the next state budget.

The September betting handle was led by baseball, despite the return of NFL season. The baseball handle was $47.1 million followed by football which was $38.6 million. Basketball earned $37.8 million.

sherlock

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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