Colorado Sports Betting Returns, Earns $25.5 Gross Revenue In First Month

Published: 10/06/2020

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Colorado is preparing for the return of its sports betting industry. The state projects greater possibilities as the state earns huge gross revenue by $25.5 million during the first month of the establishment.

Casinos and other gambling markets shut down in mid-March because of the government’s mandate to close all virus contagion-prone establishments. People were trapped in their houses because of the stay-at-home orders of the government.

The gambling industry in the state closed for more than three months. While the casinos are in shutdown, the sports betting market in the state debuted. Sports betting started operations in the state on May 1.

Colorado’s sports betting started smooth

The sports betting market in the state began smoothly, generating $25.5 million in revenue in its first month. Big-time operators, including BetMGM, BetRivers, DraftKings Sportsbook, and FanDuel Sportsbook, launched their sportsbooks on May 1. In the first week of June, the state listed SBK from Smarkets as its seventh sportsbook.

ColoradoSharp’s recent survey suggested that most of the respondents wanted to return to the casinos when they resume operations. The study also concluded that gamblers are eager to place their bets, and the sports betting industry has a bright future ahead. Colorado Sharp predicted that betting revenue will rise as soon as the gambling facilities continue their operations.

Chris Nesi, ColoradoSharp.com’s managing editor, said that the success of the industry’s first month shows that it leads the gambling industry of the US. He noted that the industry figure accumulated during the reopening was impressive, mainly that the sports activities were limited during the pandemic.

The editor said that the figure shows the potential of the state’s gaming industry while he hopes for more revenues to arrive in the future.

Gambling industry shows great possibilities

Colorado’s sports and gambling industries suffered hugely from the cancellation of significant events and closures of the casinos. Nesi said that the high revenue from sports betting shoed good signs for the gambling market. The coronavirus pandemic left thousands of employees without work and cut revenues of the industry by around $100 million.

The editor noted that Indiana accumulated more than $35 million during the first month of operations of its sports betting in October last year. Colorado’s revenue in sports betting is a good sign for the industry.

Many are hoping for the reopening of the casinos in the state. There was no news of when they will resume operations, but there were reports that Black Hawk and Central City casinos plan to open its doors to its patrons on June 17.

ColoradoSharp’s survey concluded that the majority of people surveyed want to wear masks during the reopening. Half of the respondents believe that the implementation of social distancing is needed in the casinos.

Gambling houses in other states resumed operations adopting hygiene and sanitary protocols approved by gambling regulators. Casinos in Colorado are expected the same.

They are expected to ensure the safety of the guests and employees by implementing proper health and sanitation protocols in line with government guidelines.