Colorado Sports Gambling Industry Makes a Good Impression

colorado sports betting
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A couple of months ago, many were skeptical whether the sports gambling industry will establish itself as a good revenue outlet in Colorado. Many were doubtful about the industry’s future, considering the fact that the coronavirus pandemic at that time is surging in the United States.

A recent report revealed that Colorado’s sports gambling industry is off to a great start and is on its way to become the haven of sports waging in the western part of the country.

It is important to note that when Colorado launched its sports gambling industry, all of the major sports league in the country were forced to a halt their season because of the coronavirus pandemic. Some market analysts have noted that although the pandemic did affect the industry, its effect is almost unfelt.

Effects of the coronavirus

Before the coronavirus sent major sports on a lockdown, even the most conservative estimate sets the Colorado sports gambling revenue be below $10 million for the entire year. When the coronavirus pandemic started to hit major businesses and industries, that figure even dropped to just $1.5 million for the whole year.

Despite the rather grim forecast, Colorado broke through that and managed to deliver quite a performance. According to the state’s Division of Gaming, the Colorado was able to close $25.62 million in revenue as of May. This figure could potentially be bigger if the June revenue is taken into account.

This is an unprecedented turnaround for the Colorado gambling industry. With many related industries decimated by the coronavirus pandemic, it appears that the state has positively reacted to it.

What is even more impressive is the fact that major sports league have suspended their season early in March because of the pandemic. Some market analysts have commented that the state’s overall gambling revenue may have tripled if not for the lockdown.

Breaking down the state’s revenue, a bulk of it came from table tennis which accounts for 25.7% or $6.58 million. This is rather surprising since this sport is not exactly a big deal in the state. Some have noted that due to the lack of major sporting activities, bettors have turned into what is offered.

Mixed martial arts was also received quite positively in the state. With a total handle of $25 million, it is a substantial improvement compared to its performance in previous quarters.

The future of sports gambling

Governments are now starting to ease down on lockdown protocols as measures are being taken in order to mitigate the spread of the virus. Several major sports league around the world have already resumed their respective season with specific protocols in place in order to prevent spreading the virus.

In the United States, the NBA and the MLB are expected to resume their season within the coming weeks. The premier basketball league in the world is heading into Orlando to finish its season in lockup.

Despite the lockdown brought by the coronavirus pandemic, the Colorado sports gambling industry continues to flourish. With major sporting league about to resume their season, market analysts predict that it will continue to grow.

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