Colorado’s first month of legalized sports betting nets $25.6M in wagers

PROMO 64J1 Miscellaneous - Sports Betting Gambling - iStock - CarmenMurillo
Published Wednesday, July 15, 2020
by Derek Draplin | The Center Square

(The Center Square) - Over $25.6 million was wagered in Colorado's first month of legalized sports betting despite COVID-19 shutting down most professional sports leagues, according to a Department of Revenue report.

That amount is "an encouraging predictor of the potential for the Colorado sports betting landscape," said Dan Hartman, the department's director of the Division of Gaming.

The state collected $95,000 in taxes on the wagers, with six internet operators collecting bets during May. 

"The COVID-19 pandemic, the closures of Colorado casinos, and cessation of professional sporting events were challenges the Division of Gaming could not anticipate when initially planning for the launch of legalized sports betting in Colorado," Hartman said. "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." 

The department said it expects the sports betting market to continue growing, with 25 internet operators now licensed along with 19 retail sportsbook operators.

Table tennis was the most popular sport in Colorado's market, with $6.6 million wagered on the sport, followed by MMA ($1.7 million), baseball ($1.65 million), soccer ($1.5 million), and golf ($1.4 million).

Colorado voters approved Proposition DD last November, which legalized sports betting and allowed tax revenue to go towards water conservation projects in the state.

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