DENVER (KDVR) — It’s been over three years since Colorado legalized sports betting, and it’s led to millions in winnings and wagers from players.
Since the initial partial year of sports betting in 2020, where the state reported $64 million in betting proceeds, residents have accelerated their betting to over $5 billion in 2023. Experts told FOX31’s Matt Mauro that they don’t see this trend slowing down.
In total since May 2020 when the practice was legalized, Coloradans have bet nearly $15 billion. In a report detailing proceeds from May 2020 through April 2023, the state reported that players have also won a total of $11.28 billion. At the time, the state reported total wagers for that period amounted to $12.1 billion.
That report also showed that the biggest game Coloradans bet on is basketball, coming in with 24.7% of all bets. Football was the next highest category with 15.9%, and baseball after that with 10.1% of all bets placed between May 2020 and April 2023.
Darrin Duber-Smith, a sports marketing and consumer behavior expert, as well as a professor at Metropolitan State University of Denver, said this is only the beginning.
“It’s only just getting started,” Smith said. “The sports betting industry has nowhere to go but up.”
Smith has been watching the industry since sports books and apps went live in the state and will partake in betting himself.
“I do it because frankly, I find the games boring for the most part,” Smith said. “If I’m not really rooting for a team, I’m probably not going to watch a game on television unless I’ve placed a bet on it.”
That feeling is mutual for many betting fans.
In 2018, the U.S. Supreme Court allowed sports betting nationally. Since then, NFL television ratings have increased each year. This past year, more Americans tuned in than in any past season since 1995 for an average of 18 million viewers each game.
Colorado’s live sports books at casinos in areas like Black Hawk or Cripple Creek are cashing in on the movement.
Steve Zlobin, director of gaming at Monarch Casino, Resort and Spa, said he’s seen more casual gamers playing.
“As more and more casual gamblers come into the fold, as more people come to check out our property, check out our sports book and place a wager on games and get the excitement and fun that comes with it, we’re expecting the industry to grow and do better,” Zlobin said.
Zlobin said this might be part of why Colorado’s sports teams have so many viewers.
“The industry is doing really well,” Zlobin said. “We’ve seen a lot of growth in the last year.”
Winning percentages are dropping for players, according to data provided by the Colorado Department of Revenue.
In December 2020, the state was reporting a 14.42% win rate for retail betting (or in-person sports betting) and 5.9% for online betting. In November 2023, the latest report provided by the state, the win percentages had dropped to 6.64% for retail and 4.68% for online.
Colorado’s Division of Gaming also reported in December that it had record-breaking monthly figures for November 2023, with the agency reporting a total handle of $608.49 million. That’s a 10% increase from November 2022.
From January through November 2023, the state reported receiving $11.54 million in tax revenue, which is up 6.71% from the same time frame in 2022.
Sports betting addictions might also be increasing.
During these past few years as Colorado allows sports betting, calls to the national gambling hotline spiked. Anyone who needs help can call the Substance Abuse and Mental Health Services Administration hotline at 1-800-662-4357 (1-800-GAMBLER).
