While the world of sports betting continues to grow in terms of legislation and awareness, there are still some hiccups along the way. An example of this is the sudden drop in numbers for Colorado sports betting. As a state where sports wagering has been legal for well over a year, it might come as a shock to see those numbers begin to drop. However, there are a few reasons not to be alarmed by this news, as well as reasons to expect those numbers to shoot back up in the coming months. Let’s take a deeper look at why the Colorado sports betting market has fumbled this summer and what to expect for the industry in the state.
Colorado Sports Betting Numbers Down 21% in July
It’s just been revealed that Colorado’s sports wagering is down a decent amount from June. Looking at the numbers, Colorado sports bettors placed $181.3 million on sports throughout July. This represents a 21.1% dip from the previous month. Unsurprisingly, baseball was the most popular sport Colorado residents bet on at $61.1 million, followed by basketball at $27.2 million. Those numbers are especially interesting when you consider the fact that only eight NBA games were played in the month of July.
A Look at Sports Betting in Colorado
Thanks to a bill passed by over 20,000 votes, sports betting in Colorado has been legal since May 1st, 2020. The state has plenty of the most popular sportsbooks, such as DraftKings, FanDuel, FOX Bet, Caesars Sportsbook, and BetMGM. Colorado sports bettors can place a wager online or in person at a casino and must be 21 or older to participate.
It’s Not Just a Colorado Problem
The Centennial State wasn’t the only area to see their sports betting numbers drop. In fact, Virginia just saw a 31% deficit between June and July. While the total wagered in July by Virginia sports bettors seems lofty ($161.9 million), it’s still a significant drop from June’s $234.9 million. However, some are wondering if it’s simply difficult to get the full picture of Virginia sports betting, considering the state’s launch around the end of the last NFL season.
There’s No Need to Panic
While the numbers might have dropped in Colorado, there’s still plenty of reason to be hopeful about sports betting in the state. The July numbers still tower over Colorado’s July 2020 numbers, when only $59.2 million was bet. Analysts also claim July to be a notoriously slow time for sports betting, between casual bettors focusing elsewhere and the lack of many huge events to entice gamblers.
Plus, it doesn’t help that the state’s own MLB team, the Colorado Rockies, went just 12-12 in July and hold an overall record of 62-73. Still, the kickoff of the NFL season means Colorado bettors will be keeping a close eye on the Denver Broncos, who held a 9-7 ATS record last season. Plus, with the start of the NBA and NHL seasons on the horizon, Colorado sports fans will be excited to bet on the Denver Nuggets and Colorado Avalanche, both playoff-ready teams built for success.