Since sports betting became legal in Colorado in May, things have been more successful than expected, especially in light of a global pandemic. The first few months saw reasonable results, but as soon as August began, Colorado’s books took off in a major way.
It’s not overly surprising, given how well the Denver Nuggets were playing. The Nuggets made it to the Western Conference Finals and rallied from 3-1 down twice to get there. Some bettors may have given up on Denver and placed losing wagers, while others who clung to their faith in the Nuggets received sizeable payouts.
The Colorado Avalanche appeared to be strong contenders in the NHL Playoffs and were considered favorites in the Western Conference. However, they bowed out in round two, losing to the Dallas Stars.
With the Nuggets and Avalanche staying alive well into August as their respective leagues returned to play, Colorado sportsbooks counted their blessings and their holds.
From July to August, the percentage gain in the state of Colorado was 117%. You read that correctly; that’s not a typo. A 117% gain made for a massive jump from one month to the next. Amazing what having live sports within your state to bet on can do.
The total handle, which accounts for both retail and online sports betting wages in Colorado for August, totaled over $128 million. The taxes netted from these proceeds was roughly $189,000. It was a month to remember, as sportsbooks were raking in cash all month long.
Not surprisingly, 29.6% of the total stake was from basketball wagering. The Nuggets’ playoff run accounted for most of the take, but they were far from the only team to see betting action.
Other Sports Net Gains
While basketball accounted for nearly 30% of the income, the monetary total was more than $38 million. There is certainly cause for optimism that the trend will continue into next season, as both the Nuggets and Avalanche have talented rosters.
Baseball also did a great job as the Rockies returned to action. Bets on baseball brought in the second-most revenue, totaling over $22,785,000. It wasn’t the best season for the Rockies, but there is plenty to wager on consistently with the crazy home run rates at Coors Field.
NHL betting netted over $13 million during the return to play for the Avalanche. Those who had them running the table and winning the Stanley Cup title were disappointed, but on a game-by-game basis, the Avs were a solid pick for bettors to choose.
Twelve categories were considered as part of the August monthly summary for sports betting. Outside of the sports mentioned above, the other nine combined to net roughly $55 million.
Look for Colorado to continue to see growth throughout the Denver Broncos season. When Drew Lock gets healthy, they’ll be a competitor every Sunday. Keep an eye on when the NHL and NBA plan to start their 2020-21 campaigns, as there are rumors of the next season for both leagues starting in January.