It seems as though Colorado’s move to launch sports betting in May proved to be a very wise decision as total wagers came in at a very impressive $25.5 million dollars.
Legalized sports betting only became live on May 1st, so that massive number is for just one month of sports betting and with much fewer sports than usual to bet on. This handle also gives State officials a great deal of optimism for a larger revenue moving forward.
Where the Bets Were Placed?
The $25 million dollar handle was generated at six different gambling operators. These sports betting entities represent some of the most well-known in the industry: Fox Bet, BetMonarch, DraftKings Sportsbook, BetMGM, BetRivers, and FanDuel Sportsbook.
In other words, people had plenty of options when it came to placing those bets, which combined ease-of-use and convenience.
What makes this launch so impressive is that there were hardly and sports to bet on due to the health crisis. Yet, despite that, sports bettors in Colorado have showed just how strong the state can be in the sports betting industry:
“Colorado’s month-one results cement the state as a leader in the US gambling arena. $25 million in revenue is impressive on its own, and it’s even more impressive when you consider how sparse the gambling options are during a globally trying time. This first month showcases the strength of the Colorado gaming industry, and I think we’ll continue to see impressive numbers from the state in the future.”
Early estimations have the colorado sports betting market bringing in a whopping $6 billion per year by the time the market grows and matures. Obviously that’s a long way to go, but if the opening month is any indication of just how much sports betting will be embraced in the state then the signs are very encouraging.
It’s believed that there may be as many as 35 mobile sportsbook operators in the state by the time the sports betting market reaches its full potential. These operators would then be available through the two tribal casinos and 33 commercial casinos that are scattered throughout Colorado.
Again, it’s about giving people convenience and plenty of options on where they can place their bets.
Looking Ahead at What’s to Come
And while this launch month certainly came as a great surprise to those in the industry, it doesn’t show any signs of stopping.
Right now, talks are well underway to bring back the NHL and NBA, and then there is the NFL season that should start in the fall. These popular sports will definitely bring in more bettors and increased revenue.
Some of the most notable events for May’s sports betting included: NASCAR, UFC spread over four nights, Korean baseball, The Match: Champions for Charity (golf), and Bundesliga soccer. Even the sport of table tennis got to see its fair share of the sports wagering action.
If you want to look at other states and how their launch went, Colorado has done exceptionally well. Take the Oregon Lottery for example which brought in just $7.3 million in May and has just 57,000 registered users since it launched back in October.
Sure it’s a different crowd of people with different interests, but that just hammers home how well Colorado did in its first month.
Now that June is well underway, and more action seems to be opening up on a regular basis, it will be very interesting to see how the numbers look in the second full month of betting action for Colorado.
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed "King of the Blog" in his first year with the site. ...
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