A substantial increase in wagers was reported in Colorado’s sports betting market in August, with the state producing $128.6 million following a jam-packed schedule of NBA and NHL fixtures.
The performance of the state’s sports betting markets should be commended, according to PlayColorado experts, as it was only officially introduced in May amid the worldwide health pandemic.
Dustin Gouker, lead analyst for the PlayColorado.com commented: “Considering the obstacles Colorado’s market has had to face since it launched in May, the results so far have surpassed the expectations of all but the most optimistic.
“Colorado is already in a small group of major U.S. sports betting markets, and it has reached that level long before the market has matured.”
Official data showed that August’s wagers increased by 117 percent from July’s $59.2 million figure, reflecting the growth of Colorado’s market.
Wagers in August produced betting income of $1.9 million, which is down 22 percent from $2.4 million in July. However, despite the decrease in net sales, there was an overall rise in gross revenue to $7.5 million from $5.2 million in July, which is the result of increased marketing, according to PlayColorado.
With $189,462 being raised in state taxes, August’s wagers also greatly benefited the state of Colorado. Sportsbooks have produced $122.9 million in bets over the state’s first three months of legalised betting.
“Colorado started as a relatively open market for sportsbook operators and a well-conceived regulatory framework have made the state especially appealing,” Gouker added. “With multiple bookmakers who have never operated in the U.S. before, Colorado is beginning to look like no other market in the U.S.”
Figures highlighted that basketball was the key source of bets for sportsbooks, producing $38 million in wagers as Denver Nuggets matches were eagerly awaited by sports fans. Although hockey drew $13.6 million in wagers, baseball also raised $22.8 million in bets.
Analysts have pointed out that while August figures are impressive, September has the potential to surpass the revenues already raised, particularly with the beginning of the Denver Broncos season in the Western Conference Finals and the NFL’s Denver Broncos season.
Jessica Welman, PlayColorado.com’s analyst, emphasised: “As impressive as August was, September will almost certainly be even better with the Nuggets and Broncos in play.
“With table tennis as the state’s top draw in the first few months, it was impossible to get a reliable read on Colorado’s market. We now know it’s a market that responds well to its home teams. After September, though, we will find out how much interest in sports betting is driven locally as the Nuggets season wanes and if the Broncos continue to struggle.”
To conclude, the betting sector in Colorado is hot on the heels of the fourth largest market in America, Indiana, with the state producing $169 million in bets in August. This is a monumental achievement, given that Indiana has a more developed market, a greater population, and is boosted across its borders by major markets such as Chicago, Cincinnati, and Louisville.