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Colorado Sports Betting Handle Surpasses $25m in First Month

When Colorado sports betting first went live at the beginning of May, the conditions in which it was introduced were far from ideal. All land-based venues were closed, while sporting options were limited. 

Despite this, the state’s first month of legal wagering attracted a decent amount of attention. Sportsbooks took $25.5 million in wagers, all of which were placed on mobile. 

Four operators went live on May 1st, with two others joining the party later on. 

Colorado casinos remain closed for the time being, having been shut since March 17th due to COVID-19. 

Full statistics for Colorado sports betting to be revealed later this month 

The $25.5 million figure, which came from Colorado’s Department of Revenue, is unaudited. Sportsbooks’ total handle has not yet been broken down on a more granular level, though this is expected to be released later in June. 

The four casinos that went live on the first possible day were DraftKings, FanDuel, BetMGM by Roar Digital and RushStreet’s BetRivers. 

BetMonarch’s mobile app, operated by Monarch Casino Resorts, went live on May 14th. Five days later, Fox Bet’s The Stars Group joined the other five. 

An encouraging predictor 

Dan Hartman is the Director of the Colorado Department of Revenue’s Division of Gaming. He spoke to iGB North America about the ongoing virus forcing a change in market projections. 

Hartman also expressed how the first month of legal sports betting in Colorado poses positive signs for the future. 

“The COVID-19 epidemic forced us to adjust our thought process on anticipating revenues given the closing of casinos combined with the cessation of professional, organised sporting events.

“The total amount wagered in May of $25.5m, along with results of wagers placed on individual sporting events, is an encouraging predictor of the potential for the Colorado sports betting landscape. They show a bright future for the Colorado sports betting market.”

Operators promoting other markets 

Sports betting has been difficult for many since March. Much of this is due to almost every major sporting event across the globe being suspended. 

Rush Street promoted Korean baseball, English darts, Taiwanese basketball and Russian ice hockey alongside eSports. 

Things are slowly getting back to normal in the sports betting world, with soccer and horse racing returning to action in some European countries. NASCAR has resumed in the US, though we aren’t sure when the likes of MLB will return.

Meanwhile, over in the UK, competitive sports was given the green light to return from June 1st. 

Players eager to return to casinos in Colorado 

Colorado Sharp carried out a survey between May 21st and 23rd, analyzing players’ thoughts on casinos reopening post-lockdown. 

From 139 respondents, 75% said that they were ready to return to land-based venues “as soon as they open”. 

18% said that they’re likely to wait a little longer before going back, with just 7% saying that they plan on only returning after a month. Just one respondent said they plan to swerve casinos completely for the time being. 

Casinos in Colorado are still yet to be reopened, though efforts are being made to ensure that this happens as soon as possible.

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