Revenue Results on First Month of Legal Sports Betting in Colorado
The Colorado Department of Revenue’s Division of Gaming releases the first Sports Betting Proceeds Report from May 1 through May 30, 2020. It highlights the revenue results in the first month of legal sports betting in Colorado.
The total amount wagered in Colorado is over $25.6 million, with a total of $99.5 thousand in taxes.
Legal Sports Betting in Colorado Revenue
Legal sports betting in Colorado number look promising despite launching in the middle of the pandemic. In May, sports bettors wagered on non-traditional sports. Also, the pandemic shut leagues down worldwide. The Centennial State saw $6.6 million wagers on table tennis. It is by far the most popular sport to bet according to online gambling reports.
Even with limited options of sports and sportsbooks to go to, Colorado has a promising future with sports betting.
Colorado’s performance in its first month in the sports betting industry went well. They still see of over $25 million bets despite launching when the sports world is at a halt. Colorado also stacks up well comparing their first month against other states.
Since the legalization of sports betting, Colorado has the second-best sports betting handle in their first-month operations according to sports forum discussions. Only Indiana saw more bets made in their first month than Colorado.
Where Does Sports Betting Go from Here?
Legal sports betting in Colorado is only going to go up from May launch. Multiple states report increases from April lows, and Colorado should see their industry grow. It is because more people create accounts and have more popular sports to bet.
Colorado should continue to see its sports betting odds handle, revenue, and taxes increase across the board once the numbers reported. Table Tennis was the most popular sport to bet as wagering hit $6.6 million in May.
The NBA and MLB will return in action this month while the NHL will follow suit on August 1. In which its schedule to start on time. College football is looking into a conference the only program for the 2020 season.
