Colorado has revealed its sports betting figures for August, in which players wagered more than double month-on-month.
Online sports betting continued to be the most profitable channel for operators.
Despite the increased interest from players, operators saw a noticeable drop in revenue.
Wagers up; revenue down
Players in the state placed $128.6 million last month, with $126.6 million of that taking place online. From this, operators kept just above $1.8 million. That represented a 20.8% decline when compared to their profits in July.
Online sports betting generated $1.6 million of this revenue, with retail outlets making up the remaining $239,060.
Licensed sports betting in Colorado brought in $189,462 in tax. $163,885 of that came from online betting sites, with land-based casinos contributing $23,906.
Basketball the most popular sport
Players bet $38 million on basketball last month, which was 29.6% of the final figure across all sports. Baseball was also popular, with $22.8 million being wagered on this particular sport.
Parlay betting saw $22.7 million in player activity, with $13.6 million being bet on ice hockey.
Dustin Gouker, Lead Analyst for PlayColorado.com, said the following about sports betting in the Centennial State.
“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 U.S. sports betting markets, and it has reached that level long before the market has matured.”