What many assumed would be a slow and dismal start to sports betting in Colorado’s first month of legal wagering, the opposite happened as the state had an impressive handle of $25.6 million dollars.
With very little professional sports leagues available to wager on, bettors in Colorado still found plenty of events to bet on. And, you might be surprised as to what those sports were.
An Impressive First Month by All Accounts
Any way you look at it, Colorado’s first complete month of legalized sports betting, taking place in May 2020, was impressive.
From few sports to wager on, due to the health crisis forcing pro leagues to go on hiatus, to casinos closing at the behest of the Governor, it’s rather impressive how the industry was able to succeed.
The fact that the Colorado Department of Revenue has released the figure of $25.6 million worth of sports wagers means there is a lot of interest, promise, and potential in the market. That handle generated just under $100,000 dollars in tax revenue for a state needing financial assistance.
What Were People Betting On?
There were a couple of notable events in May, but it was European table tennis that took the top spot for the most-wagered upon sport in the state. It racked up $6.5 million worth of the total bets placed in the month.
In addition to table tennis matches, Korean baseball proved to be popular as was the return of the Ultimate Fighting Championship who cranked out a few events in May. The MMA global powerhouse was actually the second most bet-upon in May.
Other sports that received some betting action were European soccer, golf, tennis, and NASCAR.
Dan Hartman, Director of Colorado Division of Gaming, commented on the state’s sports betting market:
“An encouraging predictor for the potential for the Colorado sports betting landscape. It shows a bright future for the Colorado sports betting market.”
Looking Ahead at Colorado Sports Betting
As of now, it seems that all indicators are pointing to a healthy and engaging sports betting industry within the state, which will become clear pretty quickly as some of the biggest sports out there return to live play in the coming weeks.
Major League Soccer has officially returned now, the MLB and NBA aren’t far behind, and then in August it will be the return of the NHL. Many are already looking ahead to the fall with hopes that the NFL will be able to start on time and play a season uninterrupted.
With all of these sports returning to action, Colorado’s sports betting market could really see a boost in total handle, which should translate into much needed tax revenue for the state and a boom to local economies.
Rick Rockwell
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. …
