The Colorado sportsbook industry sees an increase in the total betting handle in the state for the month of May. The total sports betting handle of all sportsbooks in the state is $278.97 million. If anything, the handle for the month serves as a great way to remind those who want to open a sportsbook with a pay per head to go ahead and start as soon as they can. The May sports betting handle for Colorado is 1.8% higher than April’s $244.45 million.
Meanwhile, the total mobile sports betting handle of Colorado is at $246.489 million. This is 1.9% higher than April’s $241.920 million. Meanwhile, revenue for the state drops at $15.155 million. This is 13.7% lower than that of April’s revenue, which is $17.564 million. Gross gaming revenue is also down for May. Its month-to-month numbers are showing $15.15 million GGR for May. This is 13.7% lower than that of April’s $17.564 million.
Colorado Sportsbook Industry
Of course, as any good sportsbook operator should do, we are taking a deeper look into the numbers to determine the drops in revenue as well as the rise in betting handle. While the gambling industry in general has a trend that is easily observable, there are some slight variations in specific markets. In the case of the Colorado sportsbook industry, the drop in GGR can be seen in sports betting taxes collected by the state, at $635,641, which is also down 41.3% from April’s $1,082,611.
The most popular sport that Colorado residents bet on is basketball. The sport takes up 35% of all the wagers. Baseball comes in next, followed by Hockey. Table tennis comes in with soccer wrapping up the top 5. As for the breakdown of wagers, the platform preferred by residents is online sportsbooks, which takes up 99% of all wagers made. Despite having less restrictions on going out, and more recreational areas opening, people still prefer to bet online. This is great news for online bookies, as this shows the potential of the mobile betting market to continue to improve even with more retail sportsbooks reopening.