Colorado betting revenue just shy of $1m in first month
Statewide handle came in at $25.6m across six live online operators as retail betting and professional sports remained suspended
Colorado recorded $946,741 in revenue from handle of $25.6m during the state’s initial month of sports betting in May.
According to figures released by the Colorado Department of Revenue, table tennis was the most bet sport with handle of $6.6m as the majority of US professional sports were cancelled due to coronavirus.
MMA came in second with a handle of $1.7m, while baseball and soccer trailed slightly behind taking $1.7m and $1.5m in bets.
The six live operators in the state at the time, including BetMGM, DraftKings and FanDuel, paid $96,538 in taxes.
A statement by Colorado’s Gaming Enforcement Division said it saw potential for a strong sports betting market in the Centennial State when considering the pandemic had forced casinos to close and suspended professional sports.
“Despite the unforeseen challenges the Division faced, the revenue results for May represent the culmination of all the hard work and effort the Division put into setting up this newly regulated industry for Coloradans,” said Dan Hartman, director of the Division of Gaming.
Around 20 online betting brands are expected to flock to Colorado due to its favourable legislation and 10% tax on net proceeds, including prominent European operator Betsson Group, which is planning to make its US debut in the state.
By comparison, New Jersey handled approximately $16m of sports bets in its 17 days of operation in June 2018, with a revenue of $1.2m.
Pennsylvania’s first month of online betting saw its operators record a total revenue of $2.9m (including retail) on a handle of $35.3m.