Colorado launched sports betting on May 1, and it has not taken the state long to become a huge force in the industry. Colorado got off to a slow start due to the COVID-19 pandemic, but it has seen tremendous growth now that live sports have returned.
Colorado posted total sports betting revenue of $128.65 million during August, and that figure is expected to grow even more in September. The August sports betting numbers signaled a jump of more than 117% from July.
Taxes collected from sports betting revenue totaled more than $189,000 in August, and that was a considerable increase as well. Mobile betting continues to account for most of the total betting handle, and that has been the case since the industry was launched.
Retail sportsbooks have started to open up throughout the state, but all of these locations are in remote towns in the Rocky Mountains. 2021 should lead to massive growth in the number of retail sportsbooks in the state, and the gap between mobile and retail betting handle will likely shrink a bit.
When sports betting first launched in May, there were just a handful of operators ready for launch, that number has grown in recent months, but the state is not even close to reaching its full sports betting potential.
Basketball/Baseball Lead the Way
Table tennis brought in the most bets during the first three months, but the state saw a significant change in August. The return of live sports, and some Colorado teams in the mix, had some new sports on top.
Basketball brought in more than 29% of the betting handle in August, and it was the clear leader. Baseball was second on the list with close to 18 percent of all of the wagers placed last month.
Parlays or combination bets were third on the list at 17.6%. Ice hockey brought in 10.6% of the bets in August, and that was aided by a playoff run by the Colorado Avalanche.
New Jersey Now the Sports Betting Leader
Nevada, more specifically Las Vegas, has long been considered the sports betting capital of the United States, but that is no longer the case. The growing industry in the US has created some challengers to Las Vegas, and New Jersey has taken over the throne as the sports betting leader.
Sports betting handle in New Jersey totaled more than $668 million, which smashed the previous record that was held by Nevada. In November 2019, Nevada brought in more than $614 million in sports betting handle, but New Jersey was able to blow by that total.
New Jersey is home to some of the biggest online sports betting operators in the industry, and new sportsbooks continue to emerge. If Colorado is ever going to become one of the United States leaders, it has a long way to go to catch up to New Jersey.