2020 a big year for Colorado sports betting
Colorado officially launched sports betting on May 1, 2020, which was done during the middle of the COVID-19 pandemic.
Even though things started slower than expected in Colorado, the industry was thriving by the end of the year.
Many industry experts believed that Colorado could become one of the biggest sports betting markets in the US, and the numbers are definitely trending in the right direction. There is still work to be done, but sportsbooks in the state are happy with the early returns.
Both retail and CO online sports betting is legal in the state of Colorado, with online betting being the most popular way to make a bet. All of the retail sports bettings must be done at the retail locations in the state, located in three remote towns.
Central City, Black Hawk, and Cripple Creek are the locations with retail sportsbooks, but a number of these properties were not open for much of 2020. That didn’t stop some of the biggest names in the industry from launching in Colorado.
The most recent figures from Colorado show just how successful the first year of sports betting was in the state. November sports betting handle totaled more than $230 million, putting Colorado inside of the top six in terms of biggest markets.
Last month, the state was able to collect more than $800,000 in tax revenue for the state, and generating new revenue was a major reason for launching the industry. Things didn’t always go smoothly for sportsbooks during 2020, but the entire industry is off to a great start.
Expansion Expected in 2021
Even though the sports betting industry in Colorado is off to a great start, 2021 is set to be the year in which things really take off. As long as the COVID-19 pandemic doesn’t shut retail sportsbooks down again, the state could post some huge handle and revenue numbers.
At the end of 2020, there were 16 online sportsbooks operating in the state of Colorado, all with their own sports betting apps. That number could jump over 20 early in 2021 and could reach close to 30 by the end of the year.
There were just 12 retail sportsbooks up and running by the end of this year, and that number could see the most growth. A number of retail sportsbooks were not able to open during the pandemic, but that will change this year.
International operators are expected to apply for sports betting licenses in Colorado, especially as the state continues to put up big numbers. The biggest operators will likely remain the same, but competition is always a good thing for the sports bettor.
The state of Colorado should finally see the real potential of sports betting in 2021, and it will help solve some of the budget deficit brought on in 2020.
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