Colorado Sports Betting Handle Hits $1.2B for 2020

Sports betting in Colorado hasn’t even been up and running for a year. In fact, sports betting just launched in May of 2020.
However, in eight months of operation, Colorado became one of the top legal sports betting markets in the United States.
Finish Strong
December propelled Colorado to a $1.2 billion handle throughout 2020. The December sports betting handle was $284.6 million, a 23% increase from November’s $231.2 million figure.
Although, the state of Colorado didn’t benefit in December the same way it did in November. When the Colorado Division of Gaming released its monthly report, tax revenue declined $262,331 from November to December of 2020.
Reasons Behind Colorado’s Exponential Rise
The Colorado sports betting market went from emerging to generating top tier handles relative to many other legal states. Colorado’s market is expected to continue growing in 2021 as more people become accustomed to legal sports wagering.
It’s not surprising that Colorado has had so much success in a very short period of time. The Colorado online market has been the reason for the early growth in the state’s betting market. Colorado has 20 sportsbook operators, including conglomerates like DraftKings, FanDuel, and William Hill. These mobile books drive a lot of mobile traffic.
Additionally, Colorado has five professional sports teams in five different major leagues, including the NFL, MLB, NBA, NHL, and MLS. There is a local team for every sports fan to bet in the state.
Colorado still has a long way to go relative to the biggest markets in the United States. While the December handle set a state record, New Jersey set the all-time handle record in a single month at $996.3 million in December.
In December, mobile sports betting dominated Colorado. Mobile bets accounted for 98.6% of the total handle, a trend that paralleled the yearly handle. Sportsbook providers generated a total of $17.2 million in revenue for December.
More Books Coming to the State
The Colorado Division of Gaming is optimistic about 2021 after a strong start in 2020. The $1.2 billion handle in 2020 has caused many betting providers to make their way into the state. This month, Circa Sports Colorado and DeckPrism Sports formed an agreement to rejuvenate Circa Sports’ in-play betting.
Circa Colorado will now be able to offer their players prime in-play betting. In-play betting is becoming enormously popular, but the right technology is critical. This partnership makes Circa Sports a force in the Colorado live betting arena.
SuperBook USA also launched in Colorado. 2021 will be the platform’s first full year in the state. SuperBook USA is well known in Nevada. This is the only state where the book was operating before the recent Colorado expansion.
In addition to SuperBook USA, 888 Sports was also approved for a temporary online license in the state. 888 is a European based sports betting provider that has done well in New Jersey and partnered with Grande Casino in Cripple Creek. This book is expected to be utilized by countless bettors in the state throughout 2021.