A lack of action by major sports leagues didn’t dampen the enthusiasm of Colorado gamblers, who wagered more than $25.5 million in the state’s first month of legal sports betting.
For the period between May 1 and May 30, nearly $6.6 million of the state’s sports bets placed, or 25.7%, was wagered on table tennis. MMA came in a distant second with $1.74 million in bets. Baseball rounded out the top 3 with $1.65 million, with soccer and golf taking the fourth and fifth spots, respectively.
The Colorado Department of Revenue’s Division of Gaming released the official revenue figures on Monday, July 13. In early June we reported on the raw, unaudited figure of $25.5 million in first-month handle. The official numbers were in line with that early figure, at $25,621,761.63. Colorado took in $96,537.55 in taxes for the same period.
“The COVID-19 pandemic, the closures of Colorado casinos, and cessation of professional sporting events were challenges the Division of Gaming could not anticipate when initially planning for the launch of legalized sports betting in Colorado,” said Dan Hartman, director of the Division of Gaming.
“The total amount wagered in May of $25.6 million is an encouraging predictor of the potential for the Colorado sports betting landscape. It shows a bright future for the Colorado sports betting market.”
A Closer Look At Colorado Sports Betting Revenue Numbers
Here’s a breakdown of the Colorado sports betting revenue figures for the first month in business, between May 1-30, 2020.
|Sport||Total Wagers||Payments to Players||House Take/Loss*|
|Football (Pro American)||$252,237.56||$1,930.21||$250,307.35|
|Hockey - Ice||$117,395.06||$45,681.24||$71,713.82|
Crowded CO Sportsbook Market Growing More Crowded
Colorado voters legalized sports betting in November 2019. The first legal wagers were placed in the state starting on May 1. The commission reports it has issued and approved 25 internet operator licenses and 19 retail sportsbook licenses so far.
To date, 11 Colorado sportsbooks have launched, including national brands like DraftKings Sportsbook, Fanduel Sportsbook and BetMGM, international bookmakers getting their feet wet in the U.S. market like Betsson, and locally grown sportsbooks from local casinos including Sky Ute SportsBook and BetMonarch.
COVID-19 closed casinos in the state for three months starting in March, which has delayed most in-person sports betting windows from opening, but there are two options currently available in the state. DraftKings opened a temporary window at Mardi Gras Casino in Black Hawk July 10, and a Betfred sports betting window at Saratoga Casino, also in Black Hawk.
The division says it “anticipates continued growth of the sports betting market as additional internet operators come online and retail sportsbooks open for business inside casinos in Gilpin and Teller counties.”