The growth in interest due to the playoff runs of Colorado Avalanche and Denver Nuggets has enhanced the state’s betting volume to nearly $250m in May.
According to PlayColorado, the month of May highlighted the importance of local teams’ success to bookmakers, especially in the offseason of sports betting. Sportsbooks accepted $249m in May wagers online and in retail, equivalent to $8m bets per day – revealed in data released by the Colorado Division of Gaming.
Wagers were up from 1.9 per cent from $244.5m in bets in April and up nearly 10-fold from $25.6m in May, 2020; the first month of sports betting in the state.
“The US jurisdictions that have fared best over the last two months have tended to be those like Colorado where a local team thrived or a locally held event drew heavy interest,” said Jessica Welman, analyst for the PlayUSA.com Network, which includes PlayColorado.com. “The biggest takeaway is that Colorado’s bettors remain engaged, and that will prove important once football season kicks off and robust growth returns.”
Moreover, May’s wagers produced $15.2m in gross gaming revenue, down 13.7 per cent from $17.6m in April but up from $2.6m in May 2020. After promotional credits, sportsbooks reported $5.9m in net sports betting proceeds, which yielded $635,641 in tax revenue.
Of the top 10 US markets that have reported May data, Colorado’s month-over-month increase in wagering was smaller than New Jersey, up 8.9 per cent, and Indiana, up 7.6 per cent, but larger than Iowa, down 2.9 per cent, Michigan, down 6.0 per cent, and Pennsylvania, down 6.7 per cent.
“Colorado’s sportsbooks are in a good position relative to most other legal states,” added Ian St. Clair, analyst for PlayColorado.com. “The seasonal slowdown will continue to be a factor until the NFL and college football returns. For now, though, the state’s sportsbooks are doing what they can to keep interest up by taking advantage of the opportunities, such as playoff appearances by the Nuggets and the Avs, as they come.”
Additionally, with the Nuggets beginning their playoff journey in May, the NBA spurred $86.9m in basketball wagering, up from $84.3m in April. Baseball was the second-most popular sport with $49.1m, up from $48.3m in April, despite the struggles of the Colorado Rockies. The Avalanche pushed hockey betting to $15.5m from $10.6m in April.
“With both the Avalanche and Nuggets eliminated and the Colorado Rockies struggling, Colorado won’t be as lucky as it has been for the remainder of the summer months,” St. Clair continued. “But baseball’s All-Star Game should generate some interest, as well as an influx of out-of-state bettors. And the state’s sportsbooks will be creative in maximising interest in events such as The Olympics.”