Colorado reports $25.6 million revenue for first month of legal sports betting

Colorado reports $25.6 million revenue for first month of legal sports betting

As per local reports, $25.62 million revenue has been reported by Colorado for May 2020. Sports betting industry experts consider this as ‘solid and encouraging,’ as it was the first month of the Centennial State in the field of legal sports wagering.

The figure mentioned above is particularly encouraging as many industry experts had warned that May was not the optimal time for any state in the US to enter the arena of live and legal sports betting as the COVID-19 pandemic allowed a limited slate of services or offerings for gamblers or wagers.

The deadly corona virus pandemic, which forced authorities to order the closures of all land-based casinos as well as prompted professional sports managers to either cancel or postpone their planned events, was a big challenge for the gaming industry. Nevertheless, the state’s gaming regulators decided to launch legal sports wagering services in May, and received positive results.

The Division of Gaming Director Dan Hartman said, “The $25.6 million wagered in May is an encouraging predictor of the potential for the Colorado sports betting landscape … The COVID-19 pandemic, the closures of Colorado casinos, and cessation of professional sporting events were challenges the Division of Gaming could not anticipate when initially planning for the launch of legalized sports betting in Colorado.”

The state’s gaming regulators allowed sports betting only after voters approved Proposition DD in November last year, allowing the state government to legitimate the controversial activity. Before the onset of pandemic, it was estimated that Colorado would generate only $9.6 million in revenue from the activity this year. But in the early part of May, experts had estimated that the figure would likely remain at just around $1.5 million. For the state coffers, the activity generated $96,537.55 in the form of taxes in the form of taxes.

Due to lack of sports events to bet on in May this year, table tennis emerged on the most wagered-on sport in Colorado by generating a handle of $6.58 million. The figure accounts for more than 25 percent of the total bets. The next most wagered-on events in the month of May were mixed martial arts (MMA), international baseball, soccer and golf. Bets of more than $252,000 were placed on pro football futures.

With the expected return of NBA events in the near future, the Centennial State’s sports betting figures will most probably exceed May’s decent figure of $25.6 million as the popular sports series will encourage more betters to try their luck by placing bets.