Colorado’s crowded sports betting market has welcomed another entity: ClutchBet Sportsbook is now available for download in the state.
ClutchBet Sportsbook is now operating in two states, having previously debuted in Iowa. In Colorado, the company gained market access through a partnership with the Wild Card Saloon Casino in Black Hawk.
ClutchBet Sportsbook Colorado began accepting online wagers on June 7, users can fund their accounts through many of the traditional methods, such as eCheck, bank transfer, cash card, or even PayPal.
ClutchBet sportsbook is the 26th Colorado sports betting operator
There are more than 20 licensed Colorado sports betting apps, among the most of any state. Colorado legalized sports betting in 2019, with mobile betting apps going online in May 2020. Through April 2023, the state’s sportsbooks have accepted more than $12 billion in wagers, which has resulted in $43.8 million in tax revenue.
ClutchBet Sportsbook is the 26th sports betting app to enter the Colorado market. Fanatics, which recently purchased PointsBet, could join the competition sometime later this year. Consumers benefit from regulatory oversight from the Colorado Limited Gaming Control Commission, which issues licensing for sports betting in the Mile High State.
ClutchBet is owned by Australian-based BlueBet Holdings Ltd. It offers several unique betting products such as ClutchClash, a boosted odds offer, and HyperLive, a micro-betting feature that lets users wager on practically any minute of a future or active sporting event. ClutchBet also has agreements for market access in Louisiana and Indiana.
ClutchBet sportsbook will add to already successful Colorado sports betting tax revenue
The news of ClutchBet entering the market follows a sluggish report on sports betting revenue for April in Colorado. Total handle dropped by $76.6 million compared to March, even though the Denver Nuggets had smashing success as the season turned to the NBA Playoffs. Still, April saw a 6.5% increase in total handle compared to the previous year’s April.
Even with the revenue dip, sports betting continues to be a boon for the state. It’s projected that Colorado could gather as much as $24 million in tax revenue from the activity in 2022-2023 fiscal reporting, which would be nearly double the figure from 2021-2022.
Colorado bettors must be at least 21 years of age to download and register an account with ClutchBet Sportsbook. The state allows betting on the NFL, NBA, MLB, NHL, and many other popular sports. Consumers can wager on collegiate sports and also place parlay and futures bets, in addition to traditional “American Odds,” and moneyline bets.