The Colorado Division of Gaming released the revenue report for legalized sports betting in June, and it did not disappoint. With six online betting apps and one retail sportsbook in operation, the Colorado industry generated $38.1 million in wagers that resulted in nearly $3.5 million in revenue.
If this is how Colorado sports betting performs without major sports in action, the Centennial State is sure to put on a show in the next few months. The majority of this action did not stem from the major American sports, as MLB did not get its season going until mid-July, the NBA resumed its season July 30, and the NHL returns to action in early August.
The NFL is still planning to kick off in September, which should keep the sports betting trend growing in Colorado.
June Revenue Report
|Football - Pro American||$94,436.8|
For the second straight month, table tennis carried the load. Colorado bettors combined for $9.1 million in wagers on the sport. Add that to May’s total, and table tennis has accounted for nearly 25% of all bets placed.
For perspective, consider that the next three most wagered on sports have totaled $14.4 million since launch, a full $1.3 million less than table tennis. July could be the last month niche sports such as table tennis enjoy their time in the limelight.
Also, the NBA, NHL, and MLB have returned or are about to get back to action. The next revenue report will certainly see Baseball and basketball make their way up the list. This will tell us how bettors are going to respond with mainstream sports back in the mix.
Since going live May 1, the Colorado sports betting industry has quickly expanded. And that growth will continue to occur shortly. As such, and as noted by the Division of Gaming in its press release, the total handle will only increase.
Once the market matures, Colorado could see as many as 33 online sportsbooks. For now, only 10 operators boast betting apps. A handful of retail sportsbooks have also debuted.
While nowhere near its potential, in terms of revenue and maximum operators, Colorado has still found a way to blossom. Over the next few months, as major sports get integrated, the industry should only get bigger and better.
What August Can Bring
There is a chance that Colorado can see record months when August brings back mainstream sports like the NBA, NHL, and a full month of MLB. Bettors have been pent up from betting on sports like table tennis and Korean Baseball.
Now, mainstream sports are back in the mix, and Colorado already sees over $30 million wagered on alternative sports. Even as the Colorado market is still young, bettors are flocking to online sportsbooks available within the state.
The Centennial State already has some of the best mobile sportsbooks available, like DraftKings and FanDuel. The state will see even more growth over the years, and the return of major U.S. sports will help in the short-term.
July revenue numbers should continue to increase and do no be surprised if August revenue in Colorado skyrockets.