Colorado online sports betting has continued to witness encouraging growth since its launch on May 1, with a handle of $59.2 million in July. The return of the US sports has further added to its stable growth.
The Centennial State’s sportsbooks reported a handle of $59.2 million only in July, which was Colorado’s third month of operation. That’s up 55.2 percent from June’s $38.1 million.
According to the official state report, sports betting revenue stood at $5.2 million, which is not bad for 8.8 percent hold.
Though one cannot dismiss $60 million in bets, it is still not ideal for a market with 10 mobile CO sports betting options. Amazingly, those online betting sites accounted for 99 percent of an overall handle in the month of July.
Still a young market
However, it is unfair to compare Colorado with other states in terms of betting revenue growth as it is a young market, not older than a few months.
Let’s look at the results out of other states like Nevada and New Jersey.
Nevada performed $65.4 million in handle on baseball alone in July, while New Jersey did $59.6 million in completed baseball bets, both overshadowing Colorado’s total handle for July.
It compares to just $9.2 million taken on Major League Baseball (MLB) games in the Centennial State after the season’s opening on July 23.
The players were probably the biggest difference, and the lack of endorsements does not seem to be the case here.
It is an open secret that professional football is the most favorite game among sports betting enthusiasts, and Colorado does not seem to make any exception here.
It suggests a huge bump in players, and handle, once NFL betting kicks off in September.
Basketball stood fifth!
Basketball handle expanded more than seven times over June with the eighth NBA games in late July. However, the $3.3 million was only good enough for fifth in Colorado.
Handles on Soccer, table tennis, and golf stole the limelight from basketball, with $7.6 million, $5.1 million, and $4.8 million, respectively.
It is perfectly understandable for an infant market considering those three games were readily available throughout July.
More operators stepping in Colorado
Interestingly, various operators are rushing to set their feet in Colorado to capitalize on the situation in time for NFL season.
PointsBet, PlayUP, and theScore Bet are all eying to launch in Colorado very soon.
There are also a lot of other huge names that haven’t launched as of now, including bet365, SuperBook, and Barstool Sportsbook.