The Colorado sports betting industry continued to show its upward trend once again during August, bringing in $128 million in revenue.
Colorado is one of the newest states to enter the sports betting industry, yet it has proven to be a lucrative revenue source for the state. With this optimistic news pouring in, the state seems to be the emerging leader in the US sports betting market.
More States Expected to Legalize Sports Betting in 2020
Sports betting is more popular in the US than ever before. Since the annulment of PASPA in May 2018, every state has the power to legalize sports gambling. It has now been over two years and many as 24 states have approved sports betting bills. Various states including Connecticut, Louisiana, and Maryland, also appear close to legalizing this industry as more state lawmakers recognize the revenue potential that can be extracted from this industry.
It’s an exciting time for gambling operators in the US. Every month, you see more land-based and online sportsbooks popping up with even some of Europe’s leading companies such as William Hill wanting to move to the US.
The first legal sports betting options in Colorado were launched in March 2020. By now, it is evident that a massive number of residents enjoy placing wagers on sports, with the increased numbers of August reiterating people’s enthusiasm for sports betting in Colorado.
Colorado Sports Betting Revenue Swells During August
It’s no secret that Colorado has a huge sports fan base in the US. The Centennial State is home to some great major sports franchises, including the Denver Nuggets, the Colorado Rockies, and the Denver Broncos. It was almost natural that lawmakers here ultimately passed a bill to legalize sports betting.
March saw the launch of the first regulated sports betting option in Colorado. It immediately became popular and revenue increased each month, excluding the duration when it was not available due to the global pandemic. In May, the state’s sports betting handle came to roughly around $25 million. In June, it grew to $38 million before being outshone with $59 million during July.
The mounting trend has continued since then, as August numbers show. According to reports, the industry brought in more than $128 million in August, representing the highest jump this year. Many link the unprecedented increase in earnings with the return of several professional sports. With the NFL kicking off last month, September likely saw the same trend which is expected to continue throughout the rest of the year.
While throwing light on this trend, Director of Colorado’s Division of Gaming Dan Hartman said, “August was a huge jump from July and will witness the same thing in September. Football will be a big deal for the (rising) numbers in September.”
He added, “I thought we would see really good numbers like this when professional sports returned. I look forward to where we will be when the industry stabilizes. We’re still trying to figure out what the new normal is. We won’t know for sure until we get back to the traditional sports seasons.”
With the latest revenue figures, Colorado has become the fifth-largest sports gambling market in the country. It is roughly $40 million behind the state of Indiana.
NFL Acting as a Catalyst
The National Football League remains the most popular sports event in the US. The season officially kicked off on September 10 and is scheduled to conclude on February 7, 2021. Millions of Americans are likely to place bets on the season this year.
With many states already having the industry regulated, most US citizens now have a legal option to place wagers on their favorite football teams. States are witnessing huge revenue figures earned through these betting platforms, which the NFL has further increased and the trend seems only to be carrying on up.