The Colorado Division of Gaming just announced the sports betting handle in the state for the month of May, and it was a period of growth. The total sports betting handle was $248.97 million, which was an increase of 1.8% from April.
While a jump of less than two percent might not seem like a big deal, many other states have reported dips in handle from April to May. The fact that two teams from Colorado were making deep playoff runs helped the sports betting industry in the state.
Mobile betting handle in May was $246.5 million, which represented nearly 99 percent of the total for the month. Retail sportsbooks are back open, but traveling to these casinos continues to be a challenge for bettors.
Colorado continues to threaten to become one of the five biggest sports betting markets in the US, but the state still has some work to do. The numbers should remain steady over the next few months, but a big jump is expected when the 2021 NFL season begins.
Revenue Saw a Decrease
Even though the total sports betting handle went up, gross gaming revenue took a dip during the month of May. The revenue in May was just $15.15 million after it was $17.5 million during the month of April.
The state of Colorado cares more about the total gross gaming revenue as that determines how much tax dollars are collected. In May, Colorado collected just $635,641 in tax revenue, which was a drop of more than 41 percent.
This is a troubling trend for the state and one that lawmakers will be keeping a close eye on over the next few months.
NBA Was Top Betting Market
The National Basketball Association (NBA) continues to be the most popular betting market in Colorado.
Last month the NBA accounted for $86.9 million of the total handle, and this was the fifth-straight month that basketball led the way.
The Colorado Rockies have not been a popular team to wager on in the state, but the sport of MLB has been bringing in some action. In May, baseball accounted for $49 million in wagers. The NHL was third on the list with $15.4 million in total handle, and the playoff run by the Colorado Avalanche helped boost those numbers.
Once again, table tennis was able to crack into the top five as it brought in $10.2 million in wagers. Colorado is the only sport in the US that seems to have a large following when it comes to that unique sport.
SuperBook Now Open in Colorado
Even though retail sports betting continues to produce very little action, that could change beginning with the June totals. The Westgate SuperBook is now available in the state of Colorado, and this is the first time that it has left the state of Nevada.
The SuperBook is now available at the Lodge Casino in Black Hawk, Colorado, and that should bring a boost in the retail sports betting numbers in the state. A grand opening ceremony was held on Saturday, and it is now open to the general public.
