Even though gambling is a centuries-old activity at this point, its popularity has not waned at all. On the contrary, consumers are embracing gambling as much as ever and even using modern technology to enhance their experience. Case in point, more people are gambling with computers and mobile devices thanks to the convenience that they offer. 

Another trend we’ve seen is consumers betting using digital assets like crypto instead of fiat currency. In that case, it is not just about convenience but also addressing many of the long-standing issues that casino users have faced. One of these, for example, is having to wait a while before securing payouts. Online casinos that deal only in fiat currency have been known to take hours or even days to complete withdrawals. But crypto, since it is based on blockchain technology, can often complete transactions in mere seconds. Aman Jain has highlighted a few online casinos known for fast payouts in his article that can process withdrawals within a few minutes. 

All of this attention has translated to a massive income and other benefits for the state of Colorado. New data from The Colorado Department of Revenue, Division of Gaming reveals that the gambling sector has grown significantly. First, the Fiscal Year To Date Wagers have increased by 10.67% from 2023 to 2024. On top of this, the Fiscal Year To Date Wagers have also increased by 10.67%.

The state’s 35 brick-and-mortar casinos have contributed to this increase. These casinos collectively create an economic impact of $4.16 billion. 

While this is impressive in itself, the report also notes that sports betting has seen a boost in revenue since becoming legalized. Globally, sports betting has remained popular over the years and Colorado is now able to get its own piece of the pie. Not only are these companies making a profit but they are paying taxes on them, which can then be used by the government to fund worthy causes such as water conservation. 

Outside of the obvious tax revenue, there is the job creation aspect. Companies in the gambling space, especially sports gambling, can set up operations in Colorado and hire workers. Then there are the customers who can enjoy services with more ease. Prior to sports betting being legalized, many would have had to turn to offshore platforms to get their needs met but now, things are much easier. 

But even as Colorado is seeing high numbers, it has to deal with the complex gambling landscape that will only evolve over time. First, there will inevitably be an influx of new companies in the space as it becomes more profitable, which will mean a need for tighter and more well-enforced regulations. This will especially be relevant when it comes to consumer protection.

Then there is the issue of crypto. No matter what we feel about them, crypto assets are not going anywhere anytime soon. If anything, they will become more widely used, especially in the realm of gambling. As such, Colorado lawmakers will have to engage more intentionally with crypto-related regulation even as the space changes. 

Luckily, the US as a whole seems to be headed towards a more pro-crypto space, with the appointment of a crypto-positive Securities and Exchange Commission chair and more bull runs predicted. If all goes well, Colorado and other states with legalized gambling will reap the rewards.