LAS VEGAS, Jan. 25, 2021 /PRNewswire/ — Colorado sportsbooks closed 2020 with yet one more report month that made the Centennial State the sixth to surpass $1 billion in wagers for a 12 months, a major accomplishment contemplating the business launched in Could with no main U.S. sports activities in motion, in keeping with PlayColorado, which offers information and evaluation of the state’s gaming business.
“Colorado’s launch within the coronary heart of a pandemic has, maybe inadvertently, spawned what may very well be probably the most modern market within the nation,” stated Ian St. Clair, analyst for PlayColorado.com. “It isn’t simply that desk tennis stays a well-liked draw within the state, even months after the return of main U.S. sports activities. It is also the best way operators are utilizing distinctive betting markets to assist join with prospects. The bizarre recipe has unquestionably been a hit.”
Colorado’s on-line and retail sportsbooks tallied their eighth consecutive month of report wagering with $284.6 million in December, in keeping with knowledge launched Monday by the Colorado Division of Income’s Division of Gaming. That was up 23.1% from the earlier report of $231.2 million set in November.
Gross gaming income fell simply in need of a state report in December, hitting $17.2 million. That was down from the excessive of $18.4 million in gross gaming income set in November. In the meantime, web sports activities betting proceeds fell to $5.7 million, down from $9 million in November. Sports activities betting produced $531,490 in state taxes in December.
For all of 2020, Colorado’s retail and on-line sportsbooks produced:
- $1.2 billion in wagers, of which $1.17 billion have been made on-line
- $75.8 million in gross gaming income.
- $28.3 million in web betting proceeds
- $3 million in state taxes, together with $2.2 million within the final three months.
“After a sluggish begin as sportsbooks ramped up, the final three months show that sports activities betting can be a dependable income generator for the state,” stated Jessica Welman, analyst for PlayColorado.com. “Income ebbs and flows in each sports activities betting market, usually peaking on the peak of the soccer season. In that means, Colorado’s sample is on par with what we see most in all places within the U.S.”
With heavy motion in December on professional soccer ($88.2 million), professional basketball ($42.9 million), and school basketball ($35.2 million), Colorado will seemingly place sixth within the U.S., behind solely New Jersey, presumably Nevada and Illinois, Pennsylvania, and Indiana.
However the Centennial State didn’t take a traditional path to grow to be one of many largest U.S. markets. Desk tennis has generated $63.5 million in bets this 12 months, together with $11 million in December. Solely soccer, baseball and basketball have generated extra.
And sportsbooks have been inventive in drumming up curiosity. FanDuel provided a promotion in December through which it shifted the road 1 level within the College of Colorado’s favor for each 500 followers who positioned a guess on the Buffaloes. And sportsbooks have more and more provided distinctive proposition bets, like where star quarterback Deshaun Watson could eventually land.
“Colorado’s books are providing bets which can be merely not obtainable in different states,” Welman stated. “There are myriad explanation why, however one among them is that desk tennis has been so profitable that state regulators and sportsbooks themselves have been impressed to take probabilities on extra unconventional choices.”
For extra, go to PlayColorado.com/information.
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SOURCE PlayColorado.com
