For a while this year, it seemed as though every story about sports betting focused on how great everything was going. All you’d hear about were profits through the roof, unexpected revenue, and millions and millions of dollars being bet as new platforms launched. However, July 2021 was not as bright for sports wagering as you’d think. In Colorado alone, total sports betting numbers were down 21% as sports bettors in the state only placed $181.3 million on wagers compared to the month before. However, as the weather’s getting colder in the Centennial State, the future is looking brighter for sports betting, as numbers have bounced back since July. Here’s what you need to know about the current state of Colorado sports betting and the most recent surge of wagers.
Colorado Sports Betting Up Almost 17%
No more time for doom and gloom about Colorado sports betting. If August numbers mean anything, we’re heading for an extremely busy fall. Colorado sports bets totaled $211.39 million in August, a 16.8% jump from the previous month. Projections are expected to skyrocket with football back, as some are floating around numbers closer to January’s major total of $326.9 million.
The big drop in July may be an anomaly, as it’s the first time that total dipped below $200 million since August the previous year. The numbers have also been attributed to everything from a lowered interest in MLB betting to casual fans focusing on summer vacations and other activities.
Baseball Tops August Betting By Far
Professional baseball was definitely the most bet sport in August, with $69.6 million being placed on MLB. This makes plenty of sense given the playoff race heating up in the league as well as the performance of the Colorado Rockies. The team may not be competing for the World Series this year, but they had a fantastic home record in August, going 10-2. You’ve got to think some of the fans in Coors Field were placing wagers in those wins.
After that, betting is all over the place. Even though it was just the NFL preseason, Colorado gamblers placed $13.6 million in bets. This likely has more to do with residents excited to bet on football than an actual deep interest in preseason NFL games, but football is the most popular sport to bet on for a reason. Then, tennis, soccer, golf, and even table tennis contributed to the total $211.39 million number.
Why the Jump? Promos and New Sportsbooks
With the best time for sports coming up (all four major pro sports playing at once), Colorado sportsbooks did what they could to entice new users. This included an increase in promos in the area, which looks to have been successful given the jump in numbers. Additionally, the month of August saw the Tipico Sportsbook open its doors in Colorado, adding to the growing number of platforms in the state. Two other sportsbooks, Sports Illustrated and MaximBet, recently launched in the state as well.