Colorado launched its sports betting market in May 2020. Even if their local market started out a bit later compared with other states, the betting handle for the year more than makes up for it. In fact, even if they only started in May of 2020, the Colorado sports betting handle breached the $1 billion marker for the year. This is quite a feat, considering that other states that operated for the whole of 2020 are not even close to the billion-dollar handle for the year.
Much of the credit goes to bettors using a sports betting platform to place their bets. Online sports betting has always been gaining popularity. But with the pandemic driving the necessity of online platforms for many industries, online wagering got a huge boost in action for 2020. But merely allowing sports betting is not the only factor. Colorado enjoys such good numbers because they also have a lot of sportsbooks in the state.
Colorado Sports Betting in 2020
Looking at the last month of the year, the December handle for sports betting in Colorado is $284.6 million. This is 23% higher than November’s handle of $23.2 million. The mobile betting handle for December is $280.444 million, 23.6% higher than November’s $226.872 million. Since its launch in May of 2020, the total handle of the state (and also for the year) is $1,185,754,617. The state is able to collect $3,418,818 in taxes from this.
The numbers are very good for such a new market, something experts at PricePerPlayer.com agree with. According to them, the growth of the US market was slightly stunted by the pandemic. However, the demand for sports betting still manages to break through the challenges of the pandemic. Much of this is channeled through online betting, saving the industry from suffering more losses as retail sportsbooks are either shut down, or operate in very limited capacities.