Colorado is one of the newest states to offer regulated sports betting in the US. Its local betting market opened last May 1. During its first month, the local retail sportsbook, plus 6 online sports betting platform operators had $25.62 million, with $0.94 million in net revenue. These numbers are pretty low when we compare them to the launch of other states in the US. Considering their first month was during a pandemic where much of the sports world was shut down, the Colorado sportsbook industry have pretty good numbers.
And for the second month, Colorado’s June handle increased by as much as 49%, at $38,136,949. The net revenue for the month increases by 129.2% at $2.17 million. For the state, table tennis was the most popular sport that people bet on, with $9.148 million in wagers. Soccer is next with $4.136 million, followed by golf at $3.3.436 million. MMA raked in $2.159 million in wagers, while tennis also got $1.336 million. Meanwhile, $10.437 million in wagers were made in other sports.
Colorado Sportsbook Industry: What to Look Forward To
Looking at the top sports people in the state wagered on, you can easily see that these are not normally the top sports you’d see people will bet on at a pay per head sportsbook. But these were the sports events that were still running during the shutdown. But the top sports in the betting industry will now be resuming their seasons.
The MLB has begun its season already. The NBA and NHL, both in their respective bubbles, will be resuming their seasons soon as well. By September, the NFL will be in full swing. This gives bettors a lot of options to choose from in the coming weeks.
And this is good for the Colorado betting industry, as this will mean that the betting handle, and revenue, will be rising as the months go by. In addition, the state’s Division of Gaming is also seeing an increase in the number of sports betting providers. In fact, there are twice as much operators in June than there was in May. With all the reopening of the gambling and the sports industry, experts are optimistic that Colorado will be enjoying even better numbers before the year ends.