Colorado Sees Huge First Month Of Sports Betting
The state of Colorado launched sports betting on May 1, despite almost all live sports being shut down due to the coronavirus pandemic. Most industry experts predicted a slow start for the state during the first month, but that was not the case.
Sportsbooks in the state brought in $25.6 million in total sports betting action, and that was with only a handful of operators up and running. That amounted to the state of Colorado receiving just under $1 million in sports betting tax revenue.
All of the retail sportsbooks in the state were shut down during May as casinos were closed. Four sports betting operators were available to accept online bets on May 1, and two others joined later in the month.
Table tennis was the most popular sport to bet on during May as all live sports in the United States were shut down. The sport of table tennis brought in more than $6 million in betting handle for the sports betting operators.
Indiana was the only state that posted better sports betting numbers during their first month of sports betting, but the Hoosier State launched just before the start of the 2019 NFL season. The fact that Colorado posted such big numbers during a pandemic speaks to how large this market will be.
Live sports have started to return in the United States, and three of the biggest professional leagues will be back in action in August. Colorado could eventually wind up becoming a major challenger to New Jersey and Nevada in the industry.
Retail Betting Now Underway as Well
All of the retail sports betting in Colorado will take place at the casinos in the state. There are more than 30 retail casinos in operation, but all of them are located in remote towns in the Rocky Mountains.
Saratoga Casino Black Hawk became the first retail sportsbook to accept a bet on June 17, and they were joined by other locations a few days later. The DraftKings retail sportsbook at Mardi Gras Casino in Black Hawk is now open as well, and they are expected to become a leader in the market.
Wildwood Casino became the first retail sportsbook to accept bets in Cripple Creek, but they will have plenty of competition soon. All of the casinos in the state are expected to launch retail sports betting by the end of 2020, if not sooner.
Colorado got off to a great start in their launch of sports betting, but the numbers are set to improve with retail betting now in the mix. Online betting will continue to lead the way, but the casinos will add in some revenue, and it will help turn Colorado into a giant in the sports betting industry.
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