Sports Betting Week in Review (1/25-1/29)
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A lot has been happening in the early parts of 2021 with sports betting legislation. Michigan reported an excellent first weekend, while Virginia continues to add sports betting operators. Colorado and Tennessee reported revenue numbers this week, and Ohio wants to see sports betting launch in 2021.
Here are the biggest stories in sports betting this week.
Monday: Colorado Reports December Sports Betting Revenue
Colorado reported its December revenue this week as the state finished off 2020 strong. The Centennial State saw $284.6 million, which was the highest a single month has been since Colorado launched sports betting in May. Although revenue dipped slightly from $18.4 million to $17.2 million, the state should rebound in early 2021. Colorado will continue to grow the sports betting industry and see a $300 million month in January.
Tuesday: Michigan Has Strong First Weekend in Sports Betting
Launching on the weekend with championship football, 100 college basketball games, and a historical UFC card, it’s no wonder why Michigan had a great first weekend with sports betting. 10 sportsbooks went live in Michigan on January 22, including DraftKings, FanDuel, BetMGM, and others. BetMGM had over 200,000 log-ins in the first 10 hours after going live in the state. The sports betting operator also had a glitch with its sign-up bonus but was fixed later on that day. Barstool Sports founder Dave Portnoy lost $100,000 after betting on the Detroit Pistons, one of the weekend’s biggest losses.
Wednesday: Virginia Sees More Sportsbooks Enter the State
On Wednesday, Virginia saw BetMGM and BetRivers enter the Commonwealth. After FanDuel launched on the first day, and DraftKings entered the state on Sunday, it now makes four sportsbooks to go live in Virginia. The state is only allowing 12 operators to enter the state. However, there is a chance lawmakers expand that rule with the amount of demand that is in Virginia. For now, only eight licenses remain, so it should become pretty competitive in the coming months.
Thursday: Tennessee Reports December Sports Betting Numbers
Tennessee was the second state this week to report December sports betting earnings. The state saw over $180 million in bets between DraftKings, FanDuel, BetMGM, and Tennessee Action in December, a combined $300 million for the first two months. The Volunteer State was the first state to go all online only for sports betting, and it looks like it is already going to pay off. States can now follow the path Tennessee had and have the same success. Tennessee’s betting handle, revenue, and taxes all increased from November, and the state should continue to see success in early 2021.
Friday: Ohio Expects Sports Betting in 2021
Ohio fumbled the ball in 2020, attempting to legalize sports betting. With no real obstacles in their way, the Buckeye State was looking like Cleveland sports in trying to get a bill passed. Some key lawmakers that were backing the sports betting bill did not get voted back into office, so lawmakers have to regroup. Last week, Gov. Mike DeWine said he expects sports betting to be passed this year. There is no opposition to a bill, so it’s only a matter of time before something finally gets done.
