The State of Colorado legalized sports betting on May 1, and has raked in a respectable $25.5 million in gross, unaudited revenue for the market’s first month in business, according to Colorado gaming officials.
A full report will be released in the days to come, but the numbers at a glance are promising for the state’s brand-new sports betting market, which started near the height of the coronavirus pandemic at a time U.S. sports leagues were canceling their seasons.
Land casinos in Cripple Creek, Black Hawk, and Central City have all been closed since mid-March, as well as casinos on tribal lands in the south of the state. The resulting loss of gambling revenue has cost the state upwards of $100 million through April 30 alone, bringing local economies to their knees.
Compared to other states, whose recent sports betting market launches were not hobbled by pandemics and league closures, Colorado’s figures seem even more impressive.
In October last year, Indiana sportsbooks took in $35.2 million in bets during the Hoosier State’s first month of legal sports betting.
In January 2020, New Hampshire Gov. Chris Sununu announced the state had seen more than $15.8 million wagered in its first month.
In a more recent comparison, with perhaps even more unfortunate timing than Colorado, Michigan’s legal sports betting market launched March 11 of this year, the very same day the World Health Organization declared coronavirus a pandemic. Its first month took in a little over $100,000.
There will likely be much speculation in the weeks and months ahead as the CO sports betting market establishes itself, but this very initial glimpse at the revenue figures bode well for the future of the budding market.