There was no doubt the return of major US sports would impact the Colorado sports betting market.
Just how much of an impact was unclear.
How would the return of MLB, the NBA and NHL impact Colorado’s affinity for table tennis?
We now have answers on both accounts.
The Colorado Division of Gaming released the August sports betting handle.
In the fourth month of Colorado sportsbook betting, the handle jumped 117% from July.
The total handle for August was $128.6 million, up from $59.2 million in July.
What is a surprise about the August handle is how the Colorado sports betting industry is already pushing Indiana for the fourth-largest market in the country.
Indiana got a $169 million handle for August. It has a more mature market and a larger population.
The fact Colorado has reached that level goes to show this market’s capabilities.
As Dan Hartman, the director of the Division of Gaming, said:
“As the industry and Division expected, the return of the major sports in August have led to an incredible surge in legal sports betting in Colorado. We are also encouraged that the lesser known sports, that brought positive results with our launch since May 1, still held relatively stable and contributed to the overall increase. Additionally, we are also excited with the additional retail and internet operations that have come online. The increase in retail sports wagering options can only be positive for the Colorado gaming towns as it increases foot traffic and visitations.”
Over the 31 days in August, the wagers also netted $1.9 million in betting proceeds, down 22% from $2.4 million in July. The drop in net proceeds came in spite of a rise in gross revenue to $7.5 million from $5.2 million, the result of increased marketing.
The August handle produced $189,462 in taxes for the state. That pushes the four-month total to $122.9 million that the Colorado betting apps have generated.
As for the online and retail breakdown, online generated $126.7 million of the total. Retail accounted for $1.9 of the handle, 1.5% of the total.
Top sports, by wager
As for the top sports, it’s no surprise that basketball was atop the list.
What is a surprise is that table tennis is still in the top five. In fact, it was No. 4 and got a higher total than golf.
Who knew that Colorado loved table tennis so much? That’s been the one constant since sports betting launched in the Centennial State.
Top 5 online sports wagers
- Basketball: $38 million
- Baseball: $22.78 million
- Ice hockey: $13.59 million
- Table tennis: $4.52 million
- Golf: $4.47 million
Just the start
With the return of the Denver Broncos and the NFL, the September handle should jump even higher. NFL bettors will want to bet on the Broncos. Even if injuries riddle the team and the sportsbooks have been forced to change the odds.
Of course, the Denver Nuggets playing in the Western Conference finals also can be a big draw.
As more sportsbooks launch, that will help attract more and potential new customers as well.
This is only the start of the Colorado sports betting market.