Colorado sports betting stakes reach $249m in May
Colorado sportsbooks took $248.9m in wagers in May.
US.- Colorado sportsbooks received $248.9m in wagers in May – a return to growth after a decrease in April.
The increase in wagers was driven by interest in the Colorado Avalanche and Denver Nuggets playoffs, highighting how valuable the success of local teams can be to bookmakers.
Wagers were up 1.9 per cent from $244.5m in April and up nearly 10-fold from $25.6m in May 2020, the first month of sports betting in the state. The handle equates to $8m bets per day.
Read more: Colorado: sports betting handle reaches $300m in March
May’s wagers produced $15.2m in gross gaming revenue, down 13.7 per cent from $17.6m in April but up from $2.6m in May 2020. After promotional credits, sportsbooks reported $5.9m in net sports betting proceeds, which yielded $635,641 in tax revenue.
Jessica Welman, analyst for the PlayUSA.com Network, which includes PlayColorado.com. said: “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.”
