Colorado Sports Gambling Sees $25 Million In First MonthPublished July 22, 2020 by Sol FH
Colorado's sports gambling sector off to a great start as revenue rolls in after the first month of activity.
Colorado is a state that is crazy about sports. The Avalanche, Rockies, Nuggets, Broncos, and the Rapids are the major professional teams situated in the state, with dozens of college teams and semi-pro leagues therein. A few months ago, gambling regulators in Colorado were tied-up with bookmakers looking to be issued a license, and now, the operators that were approved have recorded revenue of over USD $25 million in their first month.
Even with sports in the US on Covid-19 hiatus, Colorado operators have turned major speculation into profit. Before the Covid-19 pandemic, projections were that there would be close to $10 million in revenue from legal sports betting, for the whole year. After understanding the implications of the novel coronavirus, that number dropped to $1.5 million. But May 2020 saw a total of $25.62 million in revenue, blowing the roof off of all speculations.
For the state, they collected more than $96,500 in tax revenue, which is not the biggest number, but when you consider that there are no major sports currently being played in the US, that number is quite astounding. It also speaks to how the state will do when the NHL, NBA, NFL, MLS, and MLB getting set to reboot.
The biggest sports wagers were made on table tennis. That's right, table tennis, which was able to secure 25.7% of all action. There were major suspicions into match-fixing in table tennis, so there will not be any new lines on the sport as the issue remains under investigation.
The second-most gambled sport was mixed martial arts, with international baseball, golf, and soccer rounding out the top five spots on the list.
All of the wagers were made with online channels, which speaks to the success of the iGaming industry therein. Colorado punters were very fast to adopt online bookmakers' apps and websites. Colorado has been one of the pioneers of many different, new sectors, most notably medical cannabis, and they continually prove to other states that thinking about the future and the bigger picture will be profitable in the long run.