The state of Colorado is expected to become a major player in the sports betting industry, and it appears that they are well on their way. Even though most live sporting events were shut down in May, sportsbooks still did extremely well.
Sports betting officially launched on May 1, and the state saw more than $25 million in betting handle during the first full month. All of the bets were placed online as the casinos in the state were closed during May.
All of the casinos are located in three remote towns in the Rocky Mountains, but Colorado lawmakers were able to launch online betting as well. Once the casinos do open in Black Hawk, Central City, and Cripple Creek, experts still expect that most of the wagers will be placed through mobile devices.
Most live sports in the United States were shut down as the state launched sports betting, but sportsbooks were able to get creative. Some of the biggest names in the sports betting industry have launched in Colorado, and other big names are on the way.
The sports betting handle in May was split up between six operators. The six companies that were able to launch in the first month were BetMGM, BetMonarch, BetRivers, DraftKings, FanDuel Sportsbook, and Fox Bet.
Table tennis was the sport that brought in the most action, with $6.5 million in bets being placed on the obscure sport in May. The state of Colorado was able to bring in $96,537.55 in tax revenue during the first month of launch.
The $25.6 million in betting handle is the only figure that has been announced, and another announcement is expected to come soon. The next announcement will likely break down the betting handle by operator and sport.
More Big Operators on the Way
By the time that all of the sports betting operators are up and running in Colorado, the state could have close to 35 mobile operators on board. There are 33 casinos in the state, and they are all expected to offer sports betting as well.
Initial projections estimated that Colorado could see close to $2 billion in sports betting handle during the first full year. Now some experts have bumped up that number and believe that sports betting handle could reach up to $6 billion each year.
The Westgate SuperBook will also be launching in Colorado before the start of the NFL season, and this will be the first time that the SuperBook is offered outside of Las Vegas. International sportsbooks such as BetFred, Bet365, and theScore Bet have also been granted licenses and will be launching.
With three professional sports set to resume by the beginning of August, the numbers are expected to climb in a hurry.