Record-Breaking Start to Colorado Online Sports Betting
Despite the coronavirus pandemic, Colorado sportsbooks enjoyed an incredible 2020 and ended the year with a record month that made it the sixth state to pass the $1 billion in bets in a year mark. Considering that legal sports betting in the state was only launched in May 2020 and there was no major U.S sports action, it represents an incredible achievement.
According to Ian St. Clair, an analyst at PlayColorado.com, the success is down to “the way operators are using unique betting markets to help connect with customers.”
In December, Colorado saw $284.6 million bet on sports, a huge increase of 23.1% from the previous record of $231.2 million that was set in November. Gross Gaming Revenue (GGR) in the state fell just short of a record, but it was still $17.2 million. November’s was slightly higher at $18.4 million. This fall was also seen in sports betting proceeds, which dropped to $5.7 million, down from $9 million in the previous month.
From the time it launched in May 2020 to the end of the year, retail and online sports betting in Colorado produced $1.2 billion in wagers ($1.17 billion were made online), $75.8 million in GGR, $28.3 million in net betting proceeds, and $3 million in state taxes ($2.2 million came in the final three months).
December saw $88.2 million bet on pro football, $42.9 million on pro basketball, and $35.2 million on college basketball. These figures make Colorado the sixth biggest market in the US. However, unlike in other major sports betting states, such as New Jersey, a large amount of Colorado’s betting action was on table tennis, $63.5 million across the year, including $11 million in December.
Furthermore, there have been some creative promotions from sportsbooks to help attract betting action. For example, in December, FanDuel ran a promotion in which it moved the line 1 point in the University of Colorado’s favor for every 500 fans that backed the Buffaloes. There have also been a number of unique proposition bets, which help to attract more bettors.