Colorado Sees Huge Increase in Sports Betting
The Colorado sports betting market continues to grow as the state has released the handle and revenue figures for the month of December.
It was another record-setting month for sportsbooks and sets the stage for what should be a huge year in 2021.
The total sports betting handle in the state of Colorado for December 2020 came in at $284.6 million. This was an increase of more than 23 percent from the $231.2 million that was wagered during November.
Colorado was able to bring in more than $500,000 in tax revenue during the month of December, and that figure was more than $800,000 in November. The state is relying on sports betting revenue to help solve some of the financial crisis brought on by the COVID-19 pandemic.
The December totals pushed the total sports betting handle in 2020 more than $1.2 billion, which was accomplished in just eight full months. Revenue numbers are expected to surpass expectations as well after Colorado was successfully able to navigate through the COVID-19 pandemic.
With COVID-19 restrictions in place, online betting dominated the market in December 2020, and that was a trend that was developed early in the state. CO Mobile sports betting accounted for more than 98 percent of all wagers as must retail sportsbooks remain shut down.
Football was the most popular sport to bet on during the month of December, bringing in more than $88.2 million in wagers. Professional basketball was next on the list, generating more than $42 million in total bets.
Table tennis has continued to be one of the most popular betting markets in Colorado, bringing in more than $10 million in wagers during December.
Competition Driving Colorado Sports Betting
Industry experts projected that Colorado could become one of the biggest sports betting markets in the US and that prediction is coming true. One of the biggest reasons for the massive growth during the first few months is the number of operators that have launched in the state.
There were just a handful of sports betting options available when betting launched on May 1, but that is no longer the case. That number has now grown to over 20 retail and CO online betting options, and more are set to launch in 2021.
The Westgate SuperBook recently launched in Colorado, bringing one of the biggest NFL contests with it. This is the first time that the SuperBook has been offered outside of the state of Nevada.
FanDuel, DraftKings, and BetMGM have all emerged as leaders in the Colorado sports betting market, and they continue to compete for new customers. This means huge bonus and promotional opportunities for new and current customers, bringing in even more action for the state.
2021 is set to become an even bigger year for the Colorado sports betting industry, especially when COVID-19 restrictions are lifted. This will allow the gaming towns of Black Hawk, Central City, and Cripple Creek to begin offering more retail sports betting options to residents and visitors.
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