• Colorado sports betting saw a spike in action in May.
• Both the Denver Nuggets and the Colorado Avalanche were competing in the NBA and NHL playoffs.
• Basketball wagers dominated local sportsbooks.
DENVER – Local betting fans in Colorado were active in May, pushing the market up nearly 2% in sports betting handle.
With the successful postseason runs of the Colorado Avalanche and the Denver Nuggets, many local fans were active rooting for their home teams.
Those betting on sports in Colorado also wagered heavily via mobile and online betting. Colorado’s market continues to be dominated by mobile sportsbooks.
Sports Betting Spike In Colorado
The official report released by the Colorado Department of Revenue shows that $248,968,193.35 was wagered on sports in May. This is up 1.9% month over month.
Of the total betting handle, $246,488,626.35 came from mobile sportsbooks with just $2,479,567.00. This is more than 90% of all wagers coming from online operations.
Sportsbooks collected $15,154,760.58 in sports betting revenue with the state seeing $635,640.65 in total taxes from wagers in May.
Basketball dominated sportsbooks as NBA betting fans rooted for the Nuggets as they made it to the Western Conference Semi-Finals. 34.9% of total wagers came from basketball wagers followed by 19.7% coming from baseball bets. Parlays saw 17.5% of all wagers, followed 6.2% by wagers from hockey matches.
The total market in Colorado has been thriving in 2021. In five months, the Centennial State saw $1.9 billion wagered in total.
The popularity of mobile betting in Colorado is what helps the market thrive as much as it is. Most legal sports betting markets that dominate to this degree see the bulk of their wagers come from mobile operations.
Colorado should continue to see major success from sports betting as the market has yet to slow down since its launch. May marks exactly one year since the first sportsbooks launched in Colorado. More than $2 billion in wagers have come in that time.
While both local teams have been eliminated in their playoffs, sports betting should still thrive in Colorado for the remainder of the summer. Sports betting in Colorado is showing no signs of slowing down.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.