With the emergence of proposition DD, sports betting in Colorado has continued to see an upward trend of total revenue since going live on May 1st. Denver Sports Betting has been at the forefront of the vastly developing sports betting industry in Colorado, as we take a look at how things have steadily progressed amid the COVID-19 pandemic.
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Early estimations had sports betting in Colorado, sitting around a $2 billion industry. Those estimations would seem outlandish after the first month, only registering $25 million in money wagered. At a closer look, the young industry was strictly online with a minuscule amount of sports that local bettors could take action on. According to Tiney Ricciardi of the Denver Post, in the month of May, Russian table-tennis was the most popular share of the wagers gaining roughly $6.6 million of the $25 million.
Fast forward to September, and that initial $2 billion estimate isn’t looking so outlandish now. With the slow surfacing of all the major pro leagues in the US, sports betting in Colorado is seeing way higher numbers in money on wagers. The Colorado Sun reported on the massive surge in revenue through the summer, and the trends are as clear as day.
From $25 million to almost $60 million in three months is no small feat, with the pandemic still hampering the growth in many other fascists of the economy. The blueprint of mostly online/mobile betting has become a hallmark business model of sports betting in Colorado.
Sportshandle.com now has reports on what the revenue looked like for the month of August, and to no one’s surprise, numbers are up big time.
Monthly sports betting revenue report for August is in:
– The total handle for both retail and online sports betting wagers in Colorado in August totaled $128.6 million.
– Almost 98% online (expected given covid). Bets by sport breakdown.
– Books held about 6%. pic.twitter.com/uWuovVOpvO
— Sports Handle (@sports_handle) September 23, 2020
Reports of almost $128 million for the month of August in Colorado wagers show exactly what this industry is capable of when the country’s professional leagues roar back into action, and Coloradans aren’t limited to Russian table-tennis bets.
As sports betting in Colorado continues to grow, new sports betting apps are seizing the opportunity to get a piece of the action. Other than the prominent names like DraftKings, and FanDuel, smaller apps have started to emerge as yet another option for Colorado residents. Apps like BetRivers Sportsbook, Sky Ute Sportsbook, Elite Sportsbook, and Willam Hill Sportsbook are some of the newer players to enter the Colorado market for mobile sports betting with some still planning to launch. Local sportsbook and newly headquartered PointsBet are still in the works in releasing their own version of an online sports betting app in the near future.
As we approach the end of the month, and with the NFL in full effect, early estimates would have the revenue on sports betting in Colorado for September nearing the $170 – $200 million range as the new industry in Colorado continues to grow and thrive.
The sky seems to be the limit for sports betting in Colorado, and eventually, when all things COVID related find themselves winding down, the local market could find their new growth at the retail levels, and not just within the confines of mobile betting.