The Colorado Department of Revenue’s Gaming Division released a report showcasing a huge spike in sports betting revenue for the state in July 2020. Colorado’s third month with live sports betting brought an increase of 55% over June. The total wager amount across the Centennial State reached more than $59 million.
Colorado launches sports betting on May 1, 2020. The state’s ongoing growth shows that it’s a strong contender to become a leading sports betting market in the US.
Online Dominates with 96.8% of Bets
In July, total Colorado Gross Gaming Revenue (GGR) was $5,196,598.66. Of that amount, only $165,559.57 came from retail sportsbooks. Online operators brought in a total of $5,031,039.09. In other words, retail sportsbooks accounted for only 3.2% of Colorado’s GGR in its third month with sports betting. Online sportsbooks, on the other hand, nabbed more than 96.8% of GGR in July.
Put simply, online sports betting is positively dominating in Colorado. This could be due to multiple factors, including Covid-19 related stay-at-home orders, limited capacity at retail locations, and general convenience of online betting.
Baseball Rises To The Top
In the first few months, Colorado’s sportsbooks saw an unlikely leader in terms of which sports received the most wagers. Table tennis topped the rankings, but July brought a new top sport into the mix: baseball.
As professional sports began to return after months-long league shutdowns, Colorado bettors flocked to the fan-favorite team sports in droves. Wagers on baseball totaled $9,217,342.93. Of that amount, nearly $9.1 million in bets were placed online.
Soccer came in a close second, earning 12.8% of total wagers at $7,601,500.94. Former champion table tennis dropped to third among individual sports, earning $5,109,201.84 in wagers.
Parlays proved popular as well. 14.6% of total money wagered was part of a parlay or combination bet during the past month in Colorado, for a total of $8,638,481.34.
Golf, basketball, mixed martial arts, and tennis all contributed to the record Colorado month as well, each garnering total wagers above $2 million.
Continued Growth For Colorado
Colorado has already compiled an impressive history with sports betting, especially considering it only launched in May 2020. The state continues to see rapid growth, with online well outpacing retail sportsbooks.
Based on the July numbers and ongoing performance, Colorado is one sports betting market to keep an eye on.