When sports betting in Colorado was approved in November, hopes were high for the market’s potential.
The release of the first month’s handle and breakdown of sports indicate those hopes were indeed justified.
Several weeks ago, the Colorado Division of Gaming released May’s sports betting report.
At the time, all that was known was that the total handle was $25.6 million. And that was without major US sports and only six licensed sportsbooks — four for most of the month.
That handle generated about $97,000 in taxes for the state, the release noted.
We now also know what Colorado sports bettors put their money on, and there are some curveballs. Who knew Colorado bettors had a thing for table tennis?
By far, the most popular choice was table tennis. Colorado sports bettors wagered $6.6 million on the obscure sport made famous by Forrest Gump.
MMA followed with $1.7 million, then baseball ($1.6 million), soccer ($1.5 million) and golf ($1.4 million).
|Wagers by sport||Handle||Revenue (GGR)|
Dan Hartman, the director of the Colorado Division of Gaming, said in the release:
“The COVID-19 pandemic, the closures of Colorado casinos and cessation of professional sporting events were challenges the Division of Gaming could not anticipate when initially planning for the launch of legalized sports betting in Colorado. Despite the unforeseen challenges the division faced, the revenue results for May represent the culmination of all the hard work and effort the division put into setting up this newly regulated industry for Coloradans.”
The results from May also show what the Colorado market is capable of, especially as major US sports inch closer to returning.
Sports betting will only get better
What helps in that regard is that the Colorado Avalanche are a legitimate favorite to win the Stanley Cup. That will serve as the first chance for fans to bet on the NHL in Colorado.
The Denver Nuggets are a contender in the Western Conference and the NBA. Similar to the Avs, that will give fans the first opportunity to bet on the NBA.
The Colorado Rockies are about a week away from their MLB opener at the Texas Rangers. While the oddsmakers aren’t buying the Rockies, you never know what to expect with a 60-game schedule.
And, of course, there’s the Denver Broncos and NFL betting.
The hype has definitely returned thanks to quarterback Drew Lock and his new allotment of toys on offense. It’ll be interesting to see if the current excitement translates to betting.
With the addition of more mobile sports betting apps launching in the state, you can see why there’s plenty of optimism for the CO sports betting market.
As Hartman said in the release:
“The total amount wagered in May of $25.6 million is an encouraging predictor of the potential for the Colorado sports betting landscape. It shows a bright future for the Colorado sports betting market.”