Avalanche and Denver Nuggets playoff runs were among the main drivers of activity in the Colorado sports betting market in May.
Colorado Reports Another Strong Month in May
Colorado sports betting revenue reported a positive trend in May according to the monthly figures released by the Colorado Division of Gaming report. Colorado bettors wagered nearly $249 million in May boosted by the playoff runs of the Colorado Avalanche and Denver Nuggets.
Sportsbooks accepted 1.9% more wagers compared to April when they stood at $244.5 million and nearly 10 times more than May 2020, the first month of sports betting in the state, when bets amounted to $25.6 million.
The gross gaming revenue of sportsbook operators totaled $15.2 million, a 6.1% hold, while April figures stood at $17.6 million. Net sports betting revenue was on the negative side down from $10.5 million in April to $5.9 million in May. A total of $635,640 went to the state coffers in May, down from $1.1 million in the preceding month.
Looking at the top 10 US markets in May, New Jersey was the leader in terms of growth of wagering with 8.9%, followed by Indiana, which was up 7.6%. Iowa reported a 2.9% decrease, Michigan was down 4.9%, and Pennsylvania decreased 6.7%. Colorado’s handle reported an 18.8% decline in April.
The State Marks Solid First Year of Sports Betting
The sports betting industry in Colorado opened on May 1, 2020, during the most severe period of the Covid-19 pandemic. Despite the weak sports calendar and lockdowns, Colorado had a strong first year of sports gambling with over $2.3 billion worth of wagers in the first 12 months of operation.
In May, online activity accounted for more than 99% of the month’s best. Retail bets reported almost no change compared to April and stood at approximately $2.5 million.
The NBA was on top of Colorado’s sports betting list for the fifth month in a row with $86.9 million in wagers. It was followed by baseball, which generated $49.1 million in bets, while hockey accounted for $15.5 million. Table tennis was fourth with $10.5 million, followed by soccer with $9.8 million.
Colorado welcomed its 22nd sportsbook at the end of May with Bally and its beta launch. On Thursday, 888 unveiled its agreement with Sports Illustrated owners Authentic Brands Group to debut SI Sportsbook in Colorado later this year.