On May 1st, 2020, Colorado became the 18th state to launch its regulated sports betting industry. It’s becoming clear that this was a great move by “The Centennial State.” According to new reports, Colorado’s sports betting industry continues to bring in huge amounts of revenue.
Sports betting is growing more popular around the country every month. More states are now beginning to take a look at legalizing and regulating this industry. Today, we’re going to check out exactly how much money the sports betting platforms in Colorado managed to bring in last month.
Online Sports Betting is More Popular Than Ever Before
Since March, the entire US gambling industry has been shifting online. Land-based casinos around the county had shut down and more gambling fans began to realize how easy and fun it was to make their wagers online. In many parts of the country, online sports betting is now regulated and taxed.
It’s clear that online gambling is here to stay. Revenue from the industry has been increasing steadily for months. The American Gaming Association recently released a report showing exactly how much money the regulated internet casino and poker industry is generating right now.
According to this report, these casino and poker platforms have already generated $402 million in 2020. That represents a 300% increase when compared to 2019. Incredibly, only a few states currently regulate their online casino industries.
Almost every state has seen its online sports betting revenue increase in 2020. That doesn’t necessarily mean everything is going well, though. Land-based revenue across the country is down considerably. Things are beginning to improve in cities like Las Vegas, yet revenue remains significantly lower than it was last year.
It’s an interesting dilemma for gambling companies around the United States. Many are now focusing more on improving their online gaming operations. State leaders are also beginning to take a closer look at the regulation of this industry.
New reports are now showing how much the sports betting industry over in Colorado is generating.
Here’s an Update on Colorado’s Sports Betting Industry
Lawmakers in Colorado have been interested in legalizing sports betting since PASPA was struck down back in mid-2018. In late 2019, a sports betting bill was finally approved by the House and Senate. Voters approved the bills a short time later. On May 1st, the first state-regulated sports betting platform went live here.
Since that time, this industry has grown immensely. Colorado’s sports betting industry has generated more revenue with each passing month. That’s true once again in July, according to the Colorado Division of Gaming.
The state’s sports platforms generated an incredible $59,183,619.73 in July. That’s a staggering 55% increase from June. As some analysts are pointing out, that includes revenue from the newly-opened brick-and-mortar sportsbooks.
Dustin Gouker, a gaming analyst based in Colorado, gave an optimistic take on the state’s sports gambling market.
“It only took a few days of basketball and baseball games in July to show the demand that is out there in Colorado for sports betting,” Gouker said. “In just three months, Colorado has established itself as the fifth-largest sports betting market in the U.S, and the number of sportsbook operators in the state is growing rapidly. And with a robust August schedule that includes playoff runs by the Denver Nuggets and Colorado Avalanche, the short-term outlook for the state is excellent.”
There are now eight land-based sportsbooks based in Colorado. 10 different online sportsbooks are operating here, as well. To the surprise of many, baseball, soccer, and table tennis were the most popular sports wagered on in July.
Casinos in Colorado Struggle to Get Back on Track
Colorado is home to a huge number of fantastic casinos. The state legalized Class III casino gambling back in 1991 and now draws in large numbers of gambling fans from nearby states. The vast majority of gaming venues here are located in just three cities.
In March, all the casinos here were forced to close down. It was devastating for the cities that rely on these properties for tourism and employment. By early June, state leaders gave the green light for the casinos to open their doors again.
These properties are now struggling to attract players. Most are now fully operational again, albeit with major safety regulations set in place.
Lawmakers here recently introduced a measure to increase bet limits inside casinos. To qualify for the ballot, 124,632 signatures must be confirmed. The goal is to give more power to the residents who rely on these casinos.
Fortunately, Colorado’s sports betting industry is helping to make up for the lost casino revenue. Revenue from this industry increased dramatically in July. We’ll now need to wait and see how things look in August.
Are you surprised to see how popular sports betting is in Colorado? Let us know in the comments section below!