Colorado sportsbooks see $360M wagered in May | Kiowa County Press

(The Heart Sq.) – Greater than $360 million was wagered with Colorado sportsbooks in Could, in accordance with the state’s newest figures.

General, the $360 million complete represents a decline of greater than 8 p.c from April, when $392 million was wagered. Nonetheless, Could’s complete additionally represents a better than 44 p.c enhance from Could 2021, when the state’s sportsbooks introduced in a complete of $249 million, the state’s Division of Gaming mentioned. 

“Whereas Could’s sports activities betting deal with was decrease than April, it was anticipated,” mentioned Ian St. Clair, an analyst with PlayColorado, an trade web site. “No NFL and fewer NBA video games are the primary purpose for the decline.”

In keeping with the division’s information, skilled basketball led all others in wagers collected at practically $102 million. 

Baseball, ice hockey, and tennis rounded out the highest 4 sports activities for complete wagers. Baseball wagers totaled greater than $95 million, whereas ice hockey and tennis collected $35.7 million and $20.1 million, respectively. 

“Although income did dip, it nonetheless reveals the energy of the Colorado sports activities betting market. We see that within the taxes the state collected,” St. Clair mentioned. 

Colorado additionally collected greater than $1.6 million in taxes from wagers in Could. That complete represents a 34.7 p.c enhance from April. 

For the fiscal yr up to now, Colorado has collected greater than $12 million in taxes, the division mentioned, which is a greater than 75 p.c lower when in comparison with the primary 5 months of the final fiscal yr. 

The state taxes its on line casino’s internet betting proceeds at a ten p.c charge, in accordance with the Legislative Council Workers, a nonpartisan arm of the Normal Meeting. 

The taxes are then redistributed to cowl the entire Colorado Division of Income’s prices to manage the sports activities playing program and the Water Plan Implementation Money Fund, which helps help water tasks throughout the state. 

One other 6 p.c of the tax income additionally goes towards a “maintain innocent” fund to account for any losses in state income. Colorado additionally retains $130,000 to fund a playing dependancy hotline throughout the Workplace of Behavioral Well being within the Division of Human Providers.