The state sees a handle of over $25 million despite a lack of extensive gambling options
The fact that Colorado was able to start sports gambling operations successfully in the state, while no real sports action is going on, was something unthinkable due to the current circumstances brought by the coronavirus pandemic. Just a couple of months ago, the Centennial State was finishing the process of issuing licenses and hoping to become a state leader in the western part of the country when it comes to sports wagers, as predicted by PlayColorado’s Dustin Gouker. Even though the pandemic crashed some of the projections, the state might be looking at good revenue coming from sports gambling for the second half of the year based on the numbers for the first month of legal operations.
Before the pandemic, the state was expecting close to $10 million in revenue coming from sports gambling, which was taken down to $1.5 million after the coronavirus changed everything. However, May’s handle on sports gambling was $25.62 million, as reported by the state’s Division of Gaming. Out of that handle, the amount going to the state’s budget is just over $96,500, which is not overwhelming, but the good part is that this handle was collected with only minimal action on major sports in the US. Also, because it is the first official month of legal sports wagering, it sets a good start for the industry. In the next couple of months, NHL, NBA, MLS and MLB are expected to make a comeback -September for the NFL – so the revenue is expected to increase considerably by the end of the year.
Based on May’s figures, the biggest handle came from table tennis, with 25.7% of the action for a total of $6.58 million. Table tennis is now out of the picture because there were some concerns going on over possible match-fixing. Both Colorado and New Jersey asked their sports gambling venues to take down any lines coming from international table tennis while an investigation is conducted.