Colorado sports bettors are taking advantage of the newly launched gaming industry. The state of Colorado saw sports betting bring $25.5 million in their first month since launch on May 1.
Right now, the $25.5 million in revenue is still unaudited, and won’t have an official audited number until June 15. All sportsbooks must have their audited reports in by that time. However, this is very encouraging during a time no team sports are playing in the United States.
The state of Indiana generated $35.2 million in generated revenue in October 2019 during the first month of sports betting. Indiana launched in the middle of football season along with MLB playoffs, NBA, and NHL start.
UFC, KBO, and Bundesliga have been the biggest go to’s for sports betting action. Colorado earning just over $25 million in a time of no sports shows how promising sports betting can be once the pandemic ends.
Did the Sportsbooks Help?
Right now, Colorado has six sports betting operators across the state. DraftKings Sportsbook, and FanDuel are two of the biggest mobile sports betting operators in the U.S., and launched May 1 in Colorado. Fox Bet, BetMGM, BetMonarch, and BetRivers all launched in May and will report their numbers Jun 15.
Given the players who started in Colorado, this might have given the state a boost in revenue. FanDuel and DraftKings are accessible and user friendly amongst sports bettors. Also, with four other sportsbooks already operating, this gives bettors a variety of choices.
Also, mobile betting is up and running in Colorado. Despite the unfortunate timing for the state’s sports betting industry, bettors were able to set up their accounts and place bets online.
Mobile betting was a factor in the first month of launch because casinos are closed statewide due to the coronavirus. If mobile sports betting wasn’t operating in Colorado, then the pre-audited revenue numbers could have looked worse.
Colorado Sports Betting Hotspot?
Given the circumstances, Colorado sports betting revenue numbers show a lot of optimism moving forward. Some of the largest U.S. mobile sports betting operators were in the state on the first day of launch.
The Colorado sports gaming industry could see an equivalent number of sportsbooks as New Jersey in the state, all having mobile access. At this point, some of the most prominent players aren’t in the game yet.
PointsBet, CircaSports, and WilliamHill are a few names that are approved of mobile sports betting in Colorado. However, there is no timetable on when they will launch. Once some of the larger sportsbooks enter the market, it could boom throughout the state. Right now, Colorado is taxing 10 percent on sports gaming operations, which is friendly for the industry.
The Covid-19 pandemic has put a stall on the sports betting industry. Colorado launched in one of the worst possible circumstances out there. However, generating over $25 million in the first month shows the potential in the state.
The NHL and NBA are ready to return this summer, and the MLB is working on finalizing a deal. Once team sports return, then Colorado should see a significant jump in sports betting revenue.