CO Posts Huge August Numbers
Colorado officially launched sports betting on May 1, and the industry got off to a slow start.
Colorado was attempting a launch at a time when almost all live sports were shut down around the world due to the COVID-19 pandemic.
Four months later, and Colorado is posting huge numbers that make it seem as if the state will soon become one of the biggest markets in the United States. Most industry experts believed that Colorado could become a huge player in the industry, but it was impossible to predict that it would happen this quickly.
Total sports betting handle for August rose by 117 percent from July, which is a massive jump. Total sports betting handle was $128.64 million, according to the Colorado Department of Revenue.
Basketball led the way with almost 30 percent of all the bets being placed on the NBA. Baseball was next on the list with 17.7 percent, and parlays/combination bets were third at 17.6 percent.
Colorado posted a gaming win for the month of $7.52 million, and the win percentage was close to six percent. All in all, it was a huge month for sportsbooks throughout the state and the state of Colorado in general.
Mobile Leads the Way
The CO mobile sports betting market has led the way so far in the state of Colorado, and that trend is expected to continue in the coming months. Out of the $128.64 million total handle during August, all but two million of those bets were placed online or through a mobile device.
Lawmakers in Colorado made sure to include mobile betting in any new legislation that they created, and it will help transform Colorado into a giant in the industry. The Centennial State looked at a state such as New York that forbids mobile betting and saw the impact that had on the revenue.
There are more than 10 mobile operators currently live and operating throughout the state of Colorado, and more will be added in the coming months. Big-name operators such as DraftKings, FanDuel, PointsBet, and Circa Sports have already launched in the state. The latest to launch is SportsBetting.com who went live in the middle of the month and are hoping to jump on the momentum gained in the state.
Colorado Teams Carry Sports Betting
Sports betting in Colorado also saw a huge boost as two of the most popular teams in the state were competing in the playoffs. The Denver Nuggets were making a deep run through the NBA Western Conference, and the Colorado Avalanche were doing the same in the NHL.
The Avalanche have since been eliminated, and that will lessen the hockey betting that is taking place in the state. The Denver Nuggets are still alive in the NBA Playoffs, and they should still bring in a large number of bets.
Now that the calendar has flipped to September, it signals the arrival of the NFL. The Denver Broncos are easily the most popular team in the state, and the Broncos will bring in a large number of new bets.
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