Colorado Sports Betting Handle Jumps to $38.1 Million in June, Table Tennis Again Leads Way

Posted on: July 29, 2020, 12:06h. 

Last updated on: July 29, 2020, 12:52h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

In its second month as a live and legal sports wagering state, Colorado posted a handle of $38.13 million, stoking optimism about the trajectory of sports betting in one of the most recent states to join the fray.

Colorado Strong Sports Betting Results
The return of major sports, including the NHL and the Colorado Avalanche, could stoke sports betting in the Centennial State. (Image: Associated Press)

Last November, Colorado voters, by a slight margin, approved Proposition DD, allowing legitimate sports wagering in the state. Betting on sports launched in the Centennial State on May 1, as major sports associations and leagues in the US were shut down because of the coronavirus pandemic. That stoked speculation that sports wagering in the state would fall short of expectations this year.

However, data confirm that even with a shallow sports calendar, there’s enthusiasm for action in Colorado. The June handle represents a 49 percent increase from the $25.62 million notched in May, itself a decent number, all things considered.

The June figures are representative of the business conducted by six internet operators and one retail sportsbook location operating during the month,” according to the Colorado Department of Revenue.

Last month, the state collected just over $217,000 in taxes from sports betting, up from $96,537.55 in May.

Operator Fever

Home to 5.75 million people, Colorado is one of the fastest-growing states in the West, confirming why sportsbook operators are enthusiastic about establishing footprints there.

Retail sports betting operators in the state include Penn National Gaming’s Ameristar Black Hawk, BetWildwood, the Golden Mardi Gras Casino, Monarch Casino Black Hawk, and the Saratoga Casino. The Golden Mardi Gras is owned by Twin River Worldwide Holdings (TRWH) and the sportsbook there is managed by DraftKings.

Colorado’s online sports wagering market, which is expected to drive growth there, is attracting a Who’s Who of sportsbook operators. Currently, nine companies have licenses to offer online and mobile wagering in the state, according to the Colorado Limited Gaming Control Commission (CLGCC).

Those names include BetMGM, BetRivers, the online sports betting brand of Rush Street Interactive, Circa Sports, DraftKings, and FanDuel.

More operators, internet- and land-based, recently entered the market, which should lead to an increase in wagers in the months ahead, notes the Department of Revenue.

Calendar Favors Colorado

As was the case in May, table tennis was the most wagered-on sport in the Centennial State last month, accounting for $9.14 million of the handle. Soccer and golf followed.

Table tennis is an obscure sport, and in a normal climate, golf and soccer usually aren’t top choices among most US bettors. But the coronavirus pandemic forced eager bettors’ hands. Things are opening up, and that could be to the benefit of Colorado operators and the state’s tax collection efforts.

Major League Baseball (MLB) is back, and the NBA, where the Denver Nuggets are contenders in the Western Conference, resumes play Thursday.

The NHL restarts play in early August. That could be a spark for Colorado sports betting, because the Avalanche is considered a legitimate threat to make a deep playoff run and potentially hoist the Stanley Cup.