Colorado Hits $25.5 M of sports betting revenue since May's launch

Post published:June 9, 2020
Post category:News / Sports Betting

LAS VEGAS, June 5, 2020 /PRNewswire/ — During a time of casino closures and league shutdowns, Colorado bettors have shown their willingness to engage with the state’s newly regulated sports betting offer. Since launching on May 1, the state has generated $25.5 million in gross, unaudited sports betting revenue. In a recent survey by ColoradoSharp.com, 75% of respondents said they would return to casinos “as soon as they’re open.” All signs point to a statewide boom for betting revenue when full-fledged gambling returns to The Centennial State.

“Colorado’s month-one results cement the state as a leader in the US gambling arena. $25 million in revenue is impressive on its own, and it’s even more impressive when you consider how sparse the gambling options are during a globally trying time,” said Chris Nesi, Managing Editor for ColoradoSharp.com. “This first month showcases the strength of the Colorado gaming industry, and I think we’ll continue to see impressive numbers from the state in the future.”

The Covid-19 pandemic hit Colorado hard. Related closures resulted in revenue loss nearing $100 million through April 30 alone. However, amid a challenging time for the state, Colorado’s successful first month of sports betting generated more than $25 million. Compared to Indiana’s launch month, the number is particularly impressive: Indiana earned $35 million in October 2019 when it debuted sports betting absent any casino closures. Colorado’s success in light of league cancellations and virtually no casino activity bodes well for the future of sports betting in the state. The first month’s $25 million signals a general desire for betting in Colorado, a conclusion supported by ColoradoSharp.com’s recent casino reopening survey.

In the survey, three-quarters of participants said they would return to casinos as soon as they reopen, even though the state has no current timeline for reopening land-based casinos or sportsbooks. The survey showcased Colorado’s excitement for gambling’s return, though not without some caution. 75% of survey takers intend to wear a mask when visiting a casino, and 50% said it is “very important” that casinos take social distancing safety measures upon reopening.