The state of Colorado decided to launch its sports betting industry on May 1, even though almost all live sports were shut down due to the coronavirus pandemic. Colorado has gotten off to a huge start in the sports betting industry, and the numbers are expected to improve in the coming months.
Colorado brought in $25.62 million in total betting handle in May, which was extremely impressive for the first month. Most experts predicted a much smaller number for Colorado, but the online sports betting market was able to keep the state afloat.
Other states that have legalized sports betting saw some horrible numbers in May, but Colorado was able to get off to a great start. Colorado has been able to attract some of the biggest names in the industry, which was a big reason for a great first month.
The state is expected to bring in $2 billion in annual tax revenue, and Colorado is now projected to blow past that number during their first full year. Each month produces the launch of new online sportsbooks, which will continue to grow the industry.
Obscure Sports Dominate Market
Since most live sports in the United States continue to be shut down, sportsbooks in Colorado were forced to look into international markets. Most of the top international sports were shut down as well, forcing sportsbooks to look into obscure sports.
Table tennis was the most popular sport to bet on in Colorado, as it was with other states throughout the country. Betting on table tennis accounted for more than 25 percent of all betting handle in the state of Colorado, and brought in almost $6.6 million.
That number is expected to drop in July as most table tennis odds have been deleted from the sportsbooks in the state. The Ukrainian table tennis league had some issues with match-fixing, and sportsbooks immediately took the odds off the table in an effort to save some money.
Baseball futures were also an extremely popular bet that was made in the state, even though there is still some doubt about the Major League Baseball season getting started. UFC, soccer, and international baseball were the other leagues that brought in plenty of betting action during the pandemic.
Big Boom Coming
The Colorado sports betting industry should receive a huge boom when professional sports resume in the United States. The state is home to many professional sports teams, and those teams will drive sports betting in the state.
The Colorado Avalanche are one of the favorites to win the Stanley Cup, and bettors in Colorado will likely place several bets on the team. The Colorado Rockies are extremely popular in the state as well, and bets will start to pour in when the Major League Baseball season begins later this month.
One of the biggest reasons that the state is expected to see a boom coming is thanks to the Denver Broncos. The Broncos have agreed to deals with a pair of sports betting companies, and these companies will change the way bettors view the industry throughout the state.
The Denver Broncos have agreed to partnerships with FanDuel and BetMGM, and both companies are now official betting partners of the team. Both companies will work to provide exclusive promotions and game-day experiences for the fans, and they will feature some great betting opportunities in the state.
FanDuel Sportsbook has already started offering some great betting opportunities to bettors within the state, and BetMGM will feature great opportunities to fans inside the stadium. BetMGM will be launching the BetMGM lounge inside of Empower Field at Mile High, and they will help customers make bets on their mobile devices.