Gambling NewsSports Betting News

Record September Puts Colorado In Top Five In Sports Betting

Colorado had a record setting September in terms of sports betting revenue. The state got off to a rocky sports betting launch, starting with the May 5th Cinco de Mayo start being kind of a dud because of COVID. Denver is home to the largest Cinco de Mayo celebration in the U.S., and officials were hoping to coincide those festivities with the legalization of sports betting.

The soft sports betting launch did happen, but on May 1st and with little fan fare. Not only was the nation in the midst of a global pandemic that kept people out of sportsbooks, most of the sports were not playing at that time anyways. A little over five months later however, Colorado is starting to see the fruits of their labor be rewarded.

The state not only had a record-setting September in terms of sports betting numbers, their intake has put them among the top five markets in the United States.

Even with sports TV ratings faltering, sports betting numbers brought in $207.7 million for Colorado in September. There’s no doubt that the NFL kickoff has helped push those numbers higher, even though the Denver Broncos are off to a rough start to their 2020 season.

The start of Mountain West football on October 24th, and the debut of the Pac-12 season in November will only help push Colorado to record setting numbers until the end of the year. Colorado Buffaloes and Colorado State Rams football are big sports betting targets, and there are plenty of fans of neighboring schools such as Wyoming, Utah, and New Mexico.

Colorado Doesn’t Do Anything Halfway

Denver sports analyst, Dan Shafer, said, “Colorado has a very eclectic mix of people living within its borders. Colorado makes a lot of ‘best lists, and first lists,’ the sports fans were hungry for legalized sports betting for a long time and it was warmly embraced when it arrived.”

PlayColorado provided new data concerning the sports betting state of affairs. They said Colorado now joins four other states that took in over $200 million in a single month. September even saw a 61% jump from August, and $4.2 million of revenue has been generated for the state’s water facilities.

One of the leading analysts of PlayColorado, Dustin Gouker weighed in on the latest data. He said, “Colorado is nowhere near maturity as a market. In spite of this, the sports betting gains continue to put it among the top revenue producers in the U.S. .

Gouker added, “Interest in the Denver Broncos was bound to spur a betting boost in the NFL’s first few weeks, but September still managed to outpace what we could have reasonably expected just two months ago.”

Colorado’s Sports Betting Is Still Growing

For as good as the intake has been for Colorado, the revenue, or profit, numbers are still down a bit. Sports betting providers have offered a lot of sign-up promotions to bring in new bettors, and a lot of that money is “still in the system.”

When you throw in pricey advertising campaigns to notify residents about the new sports betting legality, and many casinos/sportsbooks still at limited capacity from COVID, it’s easy to see how the profit side of betting is down.

The good news is that Colorado still had a record-breaking month in intake. Pro football is going to continue to bring in revenue, and the addition of local college teams starting their seasons should only boost those numbers. Sign up promotions will start to wane, and advertising can start to taper off as well as residents will be knowledgeable about the sports betting industry in their state.

All of these factors will lead to not only record breaking rake in October and then November, but also huge profits for the state as well.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also
Close