The Colorado Division of Gaming released its sports betting revenue report for June. With multiple sportsbooks both online and retail, the Colorado sports betting 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. A majority of wagers came from oversees and other non-traditional U.S. sports. The MLB and NBA return in July, and the NHL will be back in 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|
What is interesting about the numbers is that table tennis is seeing a high amount of bets coming in during quarantine. Almost 25 percent of the bets are coming in on table tennis since sports betting launched in the Centennial State.
Table tennis in Colorado is far and away the most popular sport and no other numbers come close to what table tennis is doing. As long as mainstream U.S. sports are sidelined, table tennis will continue to dominate in Colorado.
Also, the NBA, NHL, and MLB have returned or are about to get back to action. The next revenue report will certainly show how much of an impact baseball and basketball will have on the numbers.
Since the sports betting launch on May 1, Colorado has exploded with sports betting operators trying to get in early. The growth is only going to continue to grow thanks to the legal restrictions put on the sports betting industry.
Once the market matures, Colorado might see as many as 33 online sportsbooks. For now, only 10 operators boast betting apps, and a handful of retail sportsbooks like DraftKings and FanDuel have also debuted.
The Colorado sports betting market is still young but this could grow into a major hub over the next few years. As mainstream sports get back into the mix, look for the Centennial State to grow even more.
Entering Colorado is already favorable for sportsbooks to do so, which is why many of them are jumping in even in the middle of a pandemic. In the long term, this will also help the state as people get into sports betting.
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.