Colorado’s sports betting market continued to grow last month with the launch of new sportsbook offerings.
Net sports betting proceeds amounted to $2.17m in June, an increase on the $946,741.34 generated the month prior.
On the tax front, sportsbooks in the state paid a combined $217,023 to the state.
The increase in revenue and handle can be attributed to the launch of more online sports betting operators and the launch of several land-based sportsbooks.
In a statement accompanying the figures, the regulatory body said: “Additional internet operators and retail locations have recently entered the market, and the Division anticipates seeing another increase in total wagers in the coming months as additional offerings are made available to the Colorado bettor, and major sports leagues resume play.”
Seven sportsbooks served the state in June, including BetMGM, BetMonarch, BetRivers, DraftKings, FanDuel, Fox Bet and Smarkets. However, the state report does not provide a breakdown of the figures for each operator, so it is not yet clear who is currently leading the market.
What did bettors bet on?
Although the state report does not include individual operator figures, it does break down betting activity across different sports.
The “other” sports category which includes all other sporting events not mentioned in the report accounted for $10.5m of the state’s total betting handle in June.
Table tennis was once again the single most popular sport to bet on in June, with Colorado bettors staking a total of $9.1m on table tennis events in June. Soccer was the second most popular sport to bet on representing $4.1m of the state’s total handle in June.
Bettors in the state wagered $3.4m on golf events, $2.2m on mixed martial arts, $1.3m on tennis and $1.2m on baseball events.
With the return of MLB events on 23 July and the return of NBA games at the end of the month, Colorado is likely to get a real sense of the appetite for sports betting.
Sports betting in Colorado
The Centennial State narrowly legalized sports betting in November 2019 after voters approved the sports betting measure through a referendum.
Like New Jersey, Pennsylvania and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines. When it comes to in-person wagering, only three towns in the state have been granted approval to offer in-person betting.
A total of 25 online sports betting licenses have been issued, 19 of which are for land-based sports betting operations.
Last week, William Hill launched land-based sports betting operations in Colorado at two Caesars-owned venues.