Colorado was expected to become a major player in the sports betting industry at some point, but it appears that it could happen sooner rather than later. The sports betting numbers for July are in, and Colorado posted some impressive figures for being a young market.
The sportsbooks in Colorado reported a total betting handle of more than $59.2 million during July. That’s a 55 percent increase from the numbers posted in June, and several factors were at play to force the increase.
Colorado launched sports betting on May 1, and most live sporting events were shut down due to the coronavirus pandemic. The state also only had a handful of operators ready to go on day 1, but that number continues to grow.
There are currently 10 online sportsbooks in Colorado, and online sports betting accounted for 99 percent of all handle. Retail sportsbooks are now up and running in the state as well, but mobile is expected to be the preferred choice for most bettors.
Other states such as Nevada and New Jersey have also posted huge numbers during July, but those markets have been established. Most experts believe that by 2021, Colorado could be the third biggest sports betting market in the United States.
Major Sports Still Ramping Up
July saw the return of Major League Baseball and the National Basketball Association, but those two leagues didn’t start until the last week of the month. The National Hockey League kicked off their restart on August 1, and all three leagues are still in action.
This should lead to a huge boost in total handle and revenue numbers in August, and the state could nearly double their July figures. The National Football League will join the party in September, which is the most popular sport to bet on in the US.
Soccer brought in $7.6 million in betting handle during July to finish second to Major League Baseball. It was followed by table tennis ($5.1 million) and golf ($4.8 million).
The return of MLB brought in $9.2 million in betting handle during July. Surprisingly, basketball accounted for just fifth place on the list at $3.3 million.
More Operators Ready to Launch
With just 10 online operators up and running so far in Colorado, that number could double by the end of 2020. Some other big-name operators are set to join the market soon, creating a very competitive market.
PointsBet, theScore Bet, and PlayUp are all set to launch soon, most likely before the start of the 2020 NFL season. The WestGate SuperBook will also be launching in time for the NFL season, and this will be the first time that it is offered outside of Las Vegas.
The state has very favorable laws for sportsbook operators, which has allowed it to attract the top books in the industry.