If this is how Colorado sports betting performs without major sports in action, the Centennial State is sure to put on a show in the next few months.
The Colorado Division of Gaming released the revenue report for legalized sports betting in June, and it did not disappoint.
With six online betting apps and one retail sportsbook in operation, the Colorado industry generated $38.1 million in wagers that resulted in nearly $3.5 million in revenue.
Note that the majority of this action did not stem from the major American sports, as MLB did not get its season going until mid-July, the NBA resumed its season July 30, and the NHL returns to action in early August.
And with the NFL still targeting a September kickoff, Colorado could certainly see the trend continuing upward.
May was nice, June is better for Colorado sports betting
The Centennial State’s first month of regulated wagering provided ample optimism for stakeholders. After all, with mostly niche sports available, bettors in Colorado still combined for $25.6 million.
Of course we expected to see this budding industry flourish. Perhaps, though, not this quickly.
With more betting options becoming available in the state, bettors helped the total handle jump 49% from May to June.
Colorado does not report handle or revenue by operator, rather it lists the top 10 sports in terms of wagers made. To clarify, “other” refers to all other sports that did not make the top 10.
|Sport||May Handle||Sport||June Handle|
|Table tennis||$6,589,474.74||Table tennis||$9,148,983.78|
|Ice hockey||$117,395.06||Pro football||$94,436.80|
Niche sports still shining… for now
For the second straight month, table tennis carried the load.
Colorado bettors combined for $9.1 million in wagers on the sport. Add that to May’s total, and table tennis has accounted for nearly 25% of all bets placed.
For perspective, consider that the next three most wagered on sports have totaled $14.4 million since launch — a full $1.3 million less than table tennis.
July could be the last month niche sports such as table tennis enjoy their time in the limelight.
As noted, the NBA, NHL and MLB have returned or are about to get back to action. The next revenue report will certainly see baseball and basketball make their way up the list. We’ll see how much longer table tennis can hold that top spot.
More operators coming online in Colorado
Since going live May 1, the Colorado sports betting industry has quickly expanded. And that growth will continue to occur in the near future.
As such, and as noted by the Division of Gaming in its press release, total handle will only increase.
“Additional internet operators and retail locations have recently entered the market, and the Division anticipates seeing another increase in total wagers in the coming months as additional offerings are made available to the Colorado bettor, and major sports leagues resume play.”
All told, at maturity, Colorado could see as many as 33 online sportsbooks. For now, only 10 operators boast betting apps. A handful of retail sportsbooks have also debuted.
While nowhere near its potential, in terms of revenue and maximum operators, Colorado has still found a way to blossom.
And over the next few months, as major sports get integrated, the industry should only get bigger and better.
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