It’s no surprise that sports betting in Colorado continues to see an upward trend.
After major sports returned in the last week of July, operators reported accepted stakes of $ 59.2 million last month. That’s about 55% more than in June.
The newly legalized sports betting industry could have pulled more. After all, the Centennial State had a handful of retail sports betting as well as 10 online platforms.
Colorado continues to grow, hot on Indiana’s heels as the top 5 sports betting market in America.
COLORADO SPORT BETS GROWING FAST, EVEN YOUNG
In just three months, Colorado ran out of legalized sports betting and had a thriving industry. Since the start of sports betting on May 1, the state has welcomed eleven online operators, not to mention five retail sports bets and two other locations with betting kiosks open.
In a pandemic-ridden summer with no major sports for the most part, the state’s sports betting placed $ 122.9 million in bets. And July was Colorado’s best month yet. Online sports betting made up 99% of the total, and revenue was $ 5.2 million. The $ 59.1 million handle in July was nearly the same as the $ 63.8 million combined handle for the first two months in Colorado.
There is no doubt that this brief window into major sports – including a week of MLB and a few days of NBA action – contributed to this. In fact, baseball became the top seeded sport in July at $ 9.2 million. Football and table tennis rounded out the top three with USD 7.2 million and USD 5.9 million, respectively. Right behind golf ($ 4.8 million) was basketball with $ 3.3 million.
Still a long way to go to reach the top
Driven by all of this, Colorado moved up to fifth place for the largest handle of any US jurisdiction, trailing Indiana at $ 70.9 million.
Obviously, Nevada and New Jersey continue to lead the field, with Pennsylvania firmly in third place.
For perspective, Nevada picked up $ 65.4 million in July, while New Jersey reported $ 59.6 million – both numbers represent bets on baseball only.
Even so, Colorado is a sports-loving state with professional franchises based in each of the four major sports. Operators have already seen the hunger for regulated betting. It will certainly stay that way for the next month.
DEMAND FOR SPORTS BETTING IN COLORADO
This short time frame for major sports is the only example to prove the bettors thirst for legalized sports betting.
Since August is mostly filled with three of the four major sports, it should set another state record for trade and revenue.
However, the July numbers are not solid enough to make an accurate analysis. One could argue that Colorado should have had a higher impact with its still growing market for online and retail sports betting. But it wasn’t a full month with big sports.
It therefore seems unfair to judge Colorado’s performance to date. Not even sports books can. August is set to provide a better level of what essentially has to do with a full month of MLB, NBA, and NHL action.
As it stands, it seems pointless to call the numbers for July either promising or disappointing. You’re more like just another hit in the deck circle, and August will be the real first hit.