In its first month with legalized sports betting, Colorado bettors flooded sportsbooks with $25.6 million worth of bets. This massive number comes despite the fact that retail sportsbooks were closed due to the COVID-19 pandemic. In other words, the Colorado online sports betting market raked in $25.6 million on its own in May. Adding the online option to sports betting can be a massive boost in revenue for states and Colorado’s debut month illustrates that. DraftKings Colorado and FanDuel Colorado are expected to be the top sportsbooks in terms of betting handle.
$25.6 million bet with Colorado sportsbooks in May, the state's first month with a legal market.
More money was bet on table tennis ($6.6 million) than was wagered on the next four most-heavily bet sports combined during the month. pic.twitter.com/ryCRMKbezd
— David Payne Purdum (@DavidPurdum) July 13, 2020
The most eye-popping number from this data is the fact that table tennis was the sport that brought in the most money. That shows that bettors are dying for live sports to return. There were tons of table tennis matchups in May and without many live sporting events to bet on, many bettors seemed to say, “Why not?”
The average Colorado bettor would not have been putting the most money on table tennis with MLB, NBA, and NHL games going on. That’s quite obvious. Nevertheless, this is a good sign for the state of Colorado.
UFC Betting Led The Way in May
UFC betting accounting for $1.7 million of the total handle — the second-most of any sport in the month — should come as no surprise. UFC 249 took place in early May and featured a stacked lineup of talent. The main card featured two championship fights. Henry Cejudo retained his UFC Bantamweight Championship belt, but shocked the world by retiring after the match. In the main event, Justin Gaethje finished Tony Ferguson by fifth-round TKO, winning the interim UFC Lightweight Championship.
There were four UFC events in total during May, but it’s likely that UFC 249 carried the load in terms of sports betting. It’s likely that the overall numbers will continue to rise in the coming months. With the return of international soccer, it’s likely to see a jump in total monthly handle. There could be a sports betting boom coming to Colorado when there are live sports going all day long in the month of August.
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