Even without much to bet on, Colorado still reported a successful first month of sports betting. There were $25.6 million worth of bets placed, which is over $96,000 due in taxes.
Colorado casinos have been closed, so all of these bets have been placed online. Sports betting at casinos and online was made legal on May 1.
“Despite the unforeseen challenges the Division faced, the revenue results for May represent the culmination of all the hard work and effort the Division put into setting up this newly regulated industry for Coloradans,” said Dan Hartman, the director of the Division of Gaming. “The total amount wagered in May of $25.6 million is an encouraging predictor of the potential for the Colorado sports betting landscape. It shows a bright future for the Colorado sports betting market.”
DraftKings, FanDuel, BetMGM, BetRivers, and FOX Bet are among the 25 internet operators in the state.
Top Sports
So, if all of the major sports were suspended due to COVID-19, what were people betting on? Table tennis was the most bet on sports in the state. It brought in $6.5 million worth of bets for the month.
Second was mixed martial arts. Dana White has done well in still providing action for the UFC. Sportsbooks have seen a rise of bets on fighting all around the country.
Third was baseball, thanks to Korea. Baseball fans have looked to the Korean league to fill their fix of watching baseball with the absence of the MLB this spring. The fourth was soccer, and the fifth was golf.
But table tennis had more bets placed than all of the other four combined.
Many people didn’t know what to expect without the top sports to bet on, but it showed that online wagering will be even more successful once they return.
“The total amount wagered in May of $25.6 million is an encouraging predictor of the potential for the Colorado sports betting landscape. It shows a bright future for the Colorado sports betting market,” Hartman said.
Opening Back Up
The next month that is reported will have the numbers from the physical sportsbooks as well. This will boost the numbers even more, along with sports returning.
“We’re excited to welcome sports betters to the premiere of our sportsbook. It’s been a long wait getting to this day with the pandemic canceling sporting events, but we’ve made it,” Wildwood Casino’s GM, Matt Andrighetti, said.
In addition to the 25 internet platforms to bet from, Colorado also has 19 in-person sportsbooks.
If all things go as planned, table tennis won’t keep its spot on top. The NBA is returning, including a great Denver Nuggets team that has a chance to make a run in the playoffs.
Major League Baseball is making a return, and the NFL is just around the corner. The Denver Broncos have even partnered with a sportsbook.
Other states will need to look at the success that Colorado is, and will have in the sports betting space.