Colorado Sports Betting Sees Bigger June
Colorado launched its sports betting industry on May 1, and the results were better than expected.
The same can be said for June, and Colorado has already started to see huge growth in the industry.
Colorado posted a sports betting handle total of $38.13 million during June, which was a 49 percent increase from the May numbers. May saw the state bring in a betting handle of $25.62 million in May, which was a solid number considering the circumstances.
The state saw a little over $96,000 in tax revenue based on the sports betting industry in May, and that number also went up in June. Tax revenue totaled over $217,000 in June, which has lawmakers in the state excited about what’s to come.
There were just six online operators and one retail sportsbook up and running during June, and that number has already been increased in July. The state continues to see a large number of operators apply for licenses, and the state is working quickly to issue these licenses.
Colorado voters voted in favor of a sports betting referendum last November, although the margin of victory was much closer than expected. This paved the way for the state to get the industry up and running, and it hasn’t taken them long to become a huge player in the industry.
Table Tennis Continues to Lead the Way
For the second month in a row, table tennis saw the most betting action in Colorado. Table tennis accounted for over $9.1 million in total betting handle, and soccer and golf were the next two sports that saw the most action.
These three sports don’t usually see a ton of betting action, but the ongoing pandemic has forced operators to feature less popular sports. With more states resuming live-action during July, betting on table tennis will likely see a significant drop in the coming months.
Major League Baseball is already back in action, and the National Basketball Association tips off on July 30. The National Hockey League will begin their expanded playoffs on Aug. 1.
More Operators Set to Launch
Colorado was expected to become a major player in the sports betting industry, but it is happening much faster than most experts predicted. The state continues to grow in population, and that has attracted some big-name operators to the state like DraftKings, FanDuel, and BetMGM to name a few.
The Colorado Limited Gaming Control Commission (CLGCC) announced that there are now nine operators that have been given a license to offer mobile and online sports betting in the state. That number is expected to reach more than 20 by the end of 2020.
FanDuel, DraftKings, PointsBet, and BetRivers are four of the biggest names in the industry, and they are already taking bets in Colorado. Now that casinos are back up and running as well, the retail sports betting landscape in the state will see tremendous growth.
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