Colorado Sports Betting Grows in July
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Colorado sports betting surged for July thanks to the return of NBA and MLB action. The Centennial State saw $59.1 million wagered for July – up from $38.1 million in June.
In the first two months of legal sports betting in Colorado, table tennis has been the most popular sport to bet. Now, there is a new sheriff in town, and that sheriff is baseball. Yes, baseball was the most bet sports in Colorado for July. $9.2 million was bet on America’s pastime, followed by soccer at $7.6 million, then table tennis at $5.1 million.
Basketball saw $3.3 million wagered on the sport for July, which is a bit surprising to see, considering the NBA only played eight games that month. Baseball had nine days of games to play with, which is why baseball led Colorado in betting.
Growth Continues
| Handle | Taxable Revenue | Taxes | |
|---|---|---|---|
| May 2020 | $25,621,762 | $2,565,729 | $96,538 |
| June 2020 | $38,136,949 | $3,484,014 | $217,023 |
| July 2020 | $59,183,619 | $5,196,598 | $241,886 |
| August 2020 | $128,646,209 | $7,519,598.67 | $189,461.84 |
| September 2020 | $207,655,942.72 | $4,166,334.21 | $69,771.64 |
| October 2020 | $210,719,821.27 | $9,642,955.84 | $824,700.24 |
| November 2020 | $231,238,842.15 | $8,977,426.77 | $793,820.04 |
| December 2020 | $284,551,471.72 | $5,676,627 .49 | $531,489.77 |
| January 2021 | $326,903,462 | $11,730,059 | $1,195,774 |
| February 2021 | $266,549,206.67 | $10,444,810.06 | $332,227.49 |
The Centennial State is growing well since the May 1 launch of sports betting. The betting handle increased 45 percent from May to June, and then nearly 55 percent from June to July. Entering the sports betting market in a pandemic is never ideal, but Colorado sees steady growth as sports return.
Betting revenue also increased in the Mile High at 49 percent, going from $3.5 million to $5.2 million. The taxes being collected from sports betting is still small, but Colorado also saw an increase in that department as well as collecting almost $242k in taxes.
The numbers continue to go in the right direction for Colorado and should continue to increase as life resumes back to normal, along with more sportsbooks entering the market. Seeing the handle and revenue numbers coming out of Colorado for only three full months of sports betting under its belt is very encouraging for the overall industry.
With baseball now overtaking table tennis as the most popular sport in July, the most bet sports category should start to change in the coming months. The U.S. needs more mainstream sports to get back into action.
Colorado had a full month of sports betting with the NBA, NHL, and MLB, all in action in August. The Centennial State should see its most significant jump in betting with all three sports in action. Increasing the betting handle by 55 percent one month is impressive, but do not be surprised if Colorado nearly doubles its betting handle in August.
Colorado Sports Betting in the Fall
Colorado should have a substantial fall to play with as the NFL is still on pace to start on September 10. Football has been the country’s biggest driver in sports betting, and this should be no different this year as long as they play.
Sportsbooks still might feel the hit depending on the college football season. As of writing this, the Big Ten and Pac 12 will not play in the fall, but the Big 12 has opted in. The ACC and SEC have yet to decide on the projected start dates for both conferences are a few weeks away.
If there is some major college football playing this fall, then that will help sportsbooks across Colorado. This is going to be the biggest thing to watch in the upcoming weeks to understand where the sports betting industry will be heading.
