If May was any indication, sports betting in Colorado will hit it out of the park when major sports resume in full. Colorado’s first month of sports betting topped $25.6 million, eclipsing the debut month of most of the largest markets in the country.
The official release of data on July 13 confirmed revenue of $946,741.
“Considering the circumstances of its first month, Colorado debuted about as well as any market could,” said Dustin Gouker, lead analyst for PlayColorado.com. “Ultimately the revenue that was driven while sports were mostly dormant is less important than sportsbooks launching and engaging sports bettors so they’re ready when major sports resume. By that metric, Colorado’s launch was a success.”
Only Indiana, which attracted $35.2 million in bets when retail sportsbooks launched in September 2019, produced a larger handle in its first month than Colorado. Indiana, the country’s fourth-largest sports betting market, won $37.3 million in wagers in May, while Oregon recorded just $7.3 million.
“One of the primary reasons why Colorado fared well in its first month is that the top brands were ready to go from the beginning,” Gouker said. “Having FanDuel and DraftKings, in addition to BetMGM and BetRivers, accepting bets on the first day of operation is unprecedented. It shows just how much confidence operators have in the future of the Colorado market.”
As a sports betting marketplace, Colorado has many firsts going for it: a tribal casino offers an online sportsbook available throughout the state; both Circa and the SuperBook chose to expand beyond Nevada; U.K.-based Smarkets debuted in America; and Australia-based PointsBet established U.S. headquarters.
On May 1, the state saw the debut of eight mobile apps, with as many as 25 expected when built out, along with 33 retail sportsbooks. Two brick and mortar locations are doing business as well. The Denver Broncos, the first NFL team to partner with sports betting company, signed agreements with BetFred, BetMGM, and FanDuel.
How do they stick out in a crowded marketplace?
The Southern Ute tribe, which launched the Sky Ute app last month, offers better odds, as does Circa, which went live July 1. The Sky Ute Casino, situated near the New Mexico border, represents one of two tribal casinos in the state.
The Sky Ute and its partner, USBookmaking, can offer better odds, in part, because the tribe doesn’t have to pay the 10 percent tax on gross gaming revenue that commercial casinos pay. They also allow higher limits, according to SportsHandle.
The better odds will replace the sign-up bonuses offered by many if not most competitors.
Circa’s moneymaker will be attracting big bettors.
“We built a reputation as a place that takes on all comers (regardless of skill level) and takes a fair bet,” Circa Sportsbook Strategic Operations Manager Mike Van Erman said. “Bettors who are currently having a difficult time getting large bets at other sportsbooks will especially value what our product has to offer once it is ramped up.”
With more mobile apps coming on line, look for odds and limits changes to favor the customer.
Table tennis has kept online sportsbooks in Colorado busy during the shutdown of major sports amid the Covid-19 pandemic. According to a report on the Play Colorado news site, table tennis has been the sole consistent performer since the state launched sports betting on May 1.
According to the report, even amid the recent return of UFC matches, PGA golf, NASCAR and the English Premier League, table tennis still rules among Colorado sports bettors on the BetRivers site. Observers are beginning to predict the trend may hold up even with the return of U.S. major professional sports.
Play Colorado listed the following Top 10 sports wagers on BetRivers for the weekend of July 11-12:
Sport/League Percentage of total wagering volume
Moscow Liga Pro (Russian table tennis) 20.91%
US Pro Tennis Series (women’s singles) 19.18%
PGA Tour (tournament bets) 15.09%
English Premier League 5.56%
PGA Tour (2 balls, 18 hole bets) 4.80%
Serie A (Italy) 4.67%
KBO (Korean Baseball Organization) 4.23%
La Liga (Spain) 4.10%
NASCAR (Cup Series) 4%
US Pro Tennis Series (men’s singles) 3.34%
Top 10 Sports Percentage of total wagering volume
Tennis 26.34%
Table tennis 22.84%
Golf 19.90%
Soccer 19.08%
Baseball 5.7%
Motorsports 4.02%
Basketball 1.16%
Australian Rules Football .51%
Rugby League .19%
Rugby Union .17%
