Colorado betting revenue reaches $946,741 in debut month
Colorado’s regulated sports betting market generated revenue of $946,741.34 in May, the first full month of legal wagering in the Centennial State.
In total, players wagered $25.6m, slightly higher than the early $25.5m figure released by the Colorado Limited Gaming Commission at the start of June, across six mobile sportsbooks. This came despite the novel coronavirus (Covid-19) pandemic shutting down the state’s brick-and-mortar casinos throughout the month.
Four of these – DraftKings, FanDuel, Roar Digital’s betMGM and Rush Street’s BetRivers – went live on May 1, the day the market opened. Monarch Casino Resort’s BetMonarch app then launched on 14 May, with The Stars Group, via the Fox Bet brand, following on 19 May.
Players won back $23.1m during the month, and after adjustments, revenue amounted to $946,741.34. From the 10.1% gross revenue tax, the first month’s take came in at $96,537.55.
In terms of what customers actually bet on, the market was significantly limited. Covid-19 had shut down the National Basketball Association (NBA), Major League Soccer (MLS) and delayed the start of the Major League Baseball (MLB) season, while all major European soccer leagues were also suspended.
As a result table tennis proved the most popular sport by far, with customers staking $6.6m, or 25.7% of amounts wagered in May. Mixed martial arts followed in second, on $1.7m (6.8%), ahead of baseball on 6.6%.
Read the full story on iGB North America.