Colorado Bettors Wager $25.6 Million in First Month of Legal Sports Betting
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Despite launching in the middle of a pandemic, Colorado‘s sports betting numbers look promising. In May, sports bettors wagering on non-traditional sports and the pandemic shut leagues down worldwide. The Centennial State saw $6.6 million wagered on table tennis, by far the most popular sport to bet.
Even with limited options of sports and sportsbooks to go too, Colorado has a promising future with sports betting.
Colorado Revenue Breakdown
| First Month of Launch | Total Handle | Total Revenue | Total Taxes |
|---|---|---|---|
| Colorado (May 2020) | $25,621,762 | $2,565,729 | $96,538 |
| New Jersey (June 2018) | $16,409,619 | $3,458,668 | $337,077 |
| Pennsylvania (November 2018) | $1,414,587 | $508,997 | $183,239 |
| Delaware (June 2018) | $7,003,725 | $875,216 | $437,609 |
| Mississippi (August 2018) | $6,270,128 | $645,057 | $77,407 |
| Rhode Island (November 2018) | $682,714 | $72,997 | $37,228 |
| West Virginia (September 2018) | $7,322,255 | $2,129,235 | $212,294 |
| New York (July 2019) | -- | $349,468 | $34,947 |
| Iowa (August 2019) | $8,756,246 | $2,161,688 | $145,914 |
| Indiana (September 2019) | $35,215,416 | $8,558,974 | $813,103 |
| Oregon (October 2019) | $5,605,244 | $220,396 | -- |
| New Hampshire (December 2019) | $360,726 | $44,759 | $19,403 |
| Michigan (March 2020) | -- | $105,548 | $8,866 |
Colorado’s first month in the sports betting industry went well. They launched as the sports world was at a halt, and still saw over $25 million in bets. They also stack up well when comparing their first month other states. Since sports betting became legal, Colorado had the second-best sports betting handle in their first month of operations. Only Indiana saw more bets made in their first month than Colorado.
Colorado also ranked third in revenue generated in its first month. Indiana and New Jersey were the only two states to create more revenue in their first month of legal sports betting. The one issue, however, was the amount of taxes Colorado made in May.
The Centennial State ranked seventh in taxes on sports betting. They made less than 100k in taxes despite having the third-highest amount of revenue generated for their first month of operations.
Some things to consider about this is the timing of their launch. Colorado had quarantine and social distancing protocols set at this time. Players were only able to bet via mobile devices instead of gambling in a casino. The lack of retail betting could have put a change on the taxes Colorado collected.
Overall, Colorado’s sports betting future is promising. Being able to produce the numbers they did during a time when the sports world was slowing shows how big of an impact sports betting will make in the state.
Where Does Colorado Sports Bettin Go From Here?
Sports betting in Colorado is only going to go up from May launch. Multiple states have reported increases from April lows, and Colorado should see their industry grow as more people create accounts and have more popular sports to bet.
Colorado should continue to see their sports betting handle, revenue, and taxes increase across the board once the numbers are reported. Table Tennis was the most popular sport to bet as the wagering hit $6.6 million for May.
This month, the NBA and MLB return to action, and the NHL will follow suit on August 1. The NFL is also on schedule to start on time, and college football is looking into a conference only schedule for the 2020 season.
As U.S. sports ready to return to action, this will only help sportsbooks in Colorado continue to grow. If the state is seeing over $25 million being wagered on sports like table tennis, Korean baseball, and MMA, then sportsbooks will explode once major U.S. sports return to action.
