Colorado reports May sports betting handle of $249m
Colorado sportsbooks generated May handle of $249m, a 1.9% increase from April.
Online bets continue to dominate the market, accounting for 99%, or $246m, of all wagers.
Gross gaming revenue for the month was $15.2m, down 13.7% from April. Sportsbooks saw a total win percentage of 6.08%. However, win percentage varied greatly between retail (7.45%) and online (6.06%).
Colorado received $637,000 in total taxes.
Basketball was far and away the most wagered sport in May, receiving $86.9m of wagers not counting parlays. Baseball was second with $49.1m in handle, followed by hockey with $15.5m and table tennis with $10.3m.
A full year into Colorado’s legalized sports betting market, table tennis remarkably remains one of the most wagered sports every month.
Centennial State sportsbooks were boosted in May by playoff runs from two Denver sports teams, the Nuggets and Avalanche.
The summer outlook is less rosy according to sports betting analyst Ian St. Clair of PlayUSA Network.
“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 said. “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 maximizing interest in events such as The Olympics.”
The state’s retail sportsbooks are banking on the return of seasonal tourism.
Las Vegas-based SuperBook Sports debuted its new sportsbook at the Lodge Casino in Black Hawk on June 25. Jay Kornegay, a Colorado native and longtime executive for SuperBook’s Westgate sportsbook, is confident the launch will attract new customer to the Jacobs Entertainment-operated casino.
“We will continue to focus on what sets us apart: better odds, favorable pricing and an extensive wagering menu,” he said. “Having a partner with the stellar reputation and well-known brand of The Lodge will only make us that much better.”
SuperBook faces plenty of regional competition including Barstool Sportsbook at Ameristar Black Hawk.
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