Colorado sports betting handle hits $25.5m in May

Colorado’s sports betting industry has reported positive figures in its first month of operations despite launching amid the coronavirus pandemic.

According to Colorado’s Department of Revenue, Colorado’s sports betting handle hit $25.5m in the first month of legal sports betting in the state.

The unaudited figure for May was revealed ahead of a more comprehensive breakdown of Colorado’s sports betting revenue. The comprehensive breakdown is expected to be released in mid-June.

All sports bets in Colorado were placed via online and mobile sportsbook as the state’s land-based casinos had been closed since 17 March due to the coronavirus pandemic.

Promising performance despite coronavirus pandemic

Although the coronavirus pandemic resulted in the shutdown of almost every major sport and the closure of land-based casinos, the state’s handle in May was fairly positive.

Colorado’s sports betting market went live on 1 May in the middle of the coronavirus pandemic with the launch of four online sportsbooks.

On 1 May, DraftKings, FanDuel, BetRivers and betMGM launched their online sportsbooks in the state. Monarch Casino Resort’s launched its BetMonarch app on 14 May, followed by Fox Bet a week later.

DraftKings serves the state via a deal with Twin River’s Golden Mardi Gras Casino, while FanDuel is partnered with another Twin River venue, Golden Gates Casino. Roar Digital the joint venture between GVC Holdings and MGM Resorts operates in Colorado via a deal with Triple Crown Casinos’ Midnight Rose property.

Rush Steer launched its BetRivers betting app in the state through a deal with Triple Crown’s J.P. McGill’s Hotel and Casino. The Stars Group also launched the Fox Bet platform through its market access agreement with Eldorado Resorts.

When sports betting operations went live, Rush Street said it would be taking bets on a variety of markets including Korean baseball, Russian ice hockey, English darts, esports and Taiwanese basketball due to the lack of major sporting events.

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.

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