Colorado sportsbooks accept $249m in wagers during May

Colorado experienced a return to growth as NBA Playoffs generated betting handle (total wagers) of nearly $250m in May.

Sportsbooks accepted $249m in bets online and on property, resulting in $8m wagered per day according to data from the Colorado Division of Gaming.  

According to PlayColorado, interest in the Playoff runs of the Colorado Avalanche and Denver Nuggets caused the increase in betting volume.  

The results show “how valuable the success of local teams can be to bookmakers."

The Denver Nuggets began their Playoff journey in May, with the NBA generating $86.9m in wagering, an improvement from April’s $84.3m.  

Meanwhile, the Colorado Avalanche increased hockey betting to $15.5m from $10.6m in April.  

PlayColorado.com Analyst, Ian St. Clair, said: "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. 

"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.” 

Wagers in May produced $15.2m in gross gaming revenue (GGR), down 13.7% from April’s $17.6m but up $2.6m from the previous year.  

Sportsbooks reported $5.9m in net sports betting proceeds, which yielded $635,641 in tax revenue.  

PlayColorado.com Analyst, Jessica Welman, added: "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. 

"The biggest takeaway is that Colorado’s bettors remain engaged, and that will prove important once football season kicks off and robust growth returns."

 

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