Table tennis on top
Bettors in Colorado spent more than $25.6m during the first month of legal sports betting in the state.?Sportsbooks in the state opened on May 1, in the midst of the global pandemic that saw most major sporting events being canceled or postponed.
table tennis events received more bets than any other sport
The figures, issued by the Colorado Division of Gaming, show that table tennis events received more bets than any other sport, accounting for about $6.6m, or 25%, of the total wagers. MMA fights, baseball, soccer, and golf were the next sporting events on the list.
As a result of betting activity during this first month since its legalization, the state benefited by more than $96,000 through tax revenue.?
A strong start
With casinos in Colorado being closed during May as a result of the stay-at-home order in the state, only mobile sportsbooks were accepting sports wagers. Despite the unusual circumstances, Division of Gaming director Dan Hartman believes May was still a strong start for Colorado’s legal sports betting activity.?
a bright future for the Colorado sports betting market”
Hartman said the division could not anticipate the closure of casinos and cancellation of professional sports events when planning to launch sports betting. He added: “The total amount wagered in May of $25.6 million is an encouraging predictor of the potential for the Colorado sports betting landscape. It shows a bright future for the Colorado sports betting market.”
Sportsbooks in Colorado
Colorado voters passed Proposition DD to legalize sports wagering activity in November 2019. Tax revenue from sports betting is earmarked for the state’s water infrastructure, with a 10% tax rate on sportsbooks’ net proceeds in place.?
25 sports betting apps are currently licensed by the Colorado Limited Gaming Commission. Six of these went live during the first month of legal betting.?Casinos are also starting to reopen, meaning that retail sportsbooks can offer another option for bettors as sporting events resume around the world. The state’s gaming regulators have issued a total of 19 retail sportsbook licenses to date.