Colorado Becoming Huge Force in Sports Betting Industry
The state of Colorado launched sports betting on May 1, and it has not taken the state long to become a huge factor in the sports betting industry. Colorado launched when most live sports were shut down, but the market has seen tremendous growth now that live sports are back in play.
Total sports betting handle during August in Colorado increased more than 117 percent from the numbers reported in July. In August, the total sports betting handle was reported at $128.64 million by the Colorado Department of Revenue.
It’s no surprise that the return of live sports brought some huge August numbers, and the professional sports that launched led the way in bringing in the most amount of bets. Major League Baseball, the National Hockey League, and the National Basketball Association all resumed play in August, leading to plenty of betting action.
Basketball led the way in total betting handle in August with more than $38 million in wagers. Baseball was next with more than $22.78 million, and hockey was third with more than #13.5 million.
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Mobile Betting Leading the Charge
Colorado looked for mobile sports betting to carry the industry with casinos shut down throughout the state as the sports betting industry launched. Even though casinos are now permitted to reopen in the state, mobile betting is still posting the biggest numbers in the Centennial State.
During the massive month of August, less than $2 million of all bets were placed at retail sportsbooks. This trend is not exclusive to Colorado as the entire sports betting industry in the United States has seen mobile sports betting dominate.
There are currently close to a dozen mobile sports betting operators in the state, and some of the industry’s biggest names have already launched. The number of online operators is expected to continue to grow in the coming months, making the mobile numbers even larger.
Colorado has been expected to become a huge leader in the sports betting industry, and the first four months have exceeded expectations. The numbers reported in Colorado have already surpassed the numbers from the state of Indiana in their tenth month in the industry.
With all of the retail sportsbooks being located in remote towns in the Rocky Mountains, the state will continue to look to online sports betting to lead the way. After a relatively slow start, Colorado is starting to see the full potential of the sports betting industry.
Nuggets, Broncos Still in Play
Colorado is expected to post even bigger numbers during September, and the Denver Nuggets and Denver Broncos will bring in plenty of betting action. The Nuggets are down 2-1 in the Western Conference Finals, and the Denver Broncos are just getting their 2020 season underway.
The Denver Broncos are the most popular team in Colorado and are the most popular sport to bet on in the United States. Now that the Broncos have started the 2020 season, sportsbooks will see many bets on the team.
The Nuggets have been on an improbable run through the NBA Playoffs, and bettors have been flocking to sportsbooks to bet on the local team. If the Nuggets can advance to the NBA Finals, the sports betting handle will see a huge jump.
There are other sports, such as college football, that will help drive the numbers in September, but these two teams will lead the way.