The Colorado sports betting market hit an important milestone in just its fourth month, with a big boost from an old friend.
Handle more than doubled from July to $128.6 million in August. The ramp-up was certainly helped by a generous schedule of sports typically unseen in the month.
Surprisingly, one of the top-bet sports of the coronavirus pandemic is sticking around as well. Table tennis ranked fourth in overall handle, beating other sports like golf, soccer, tennis and mixed-martial arts.
Gross revenue was $7.5 million for a hold of 5.9%, according to the state report.
The next big test for sports betting in Colorado is already under way: September offers the first opportunity for handle from betting on NFL games in the state.
Major sports set off Colorado sports betting market
While July’s $59.2 million in handle was decent for a new market, it felt like there was room to grow.
A full slate of NBA, NHL and MLB games in August, though, showed the market is starting off on the right foot.
Basketball, baseball and hockey were the top three sports bet on in Colorado last month. Their $74.4 million in combined handle accounted for 57.9% of total handle.
Table tennis sticking around?
Table tennis is not fading away as most expected it would once major sports returned. The cult darling of betting during the early days of the COVID-19 pandemic shutdowns across sports maintained popularity in the Centennial State.
The sport accounted for $4.53 million in handle. Golf was closest to it in fifth with $4.48 million in handle.
It’s not like there was a lack of golf betting available last month. August’s major golf schedule started with the PGA Championship.
Mobile dominating Colorado sports betting
Colorado launched its sports betting market May 1 despite the ongoing coronavirus pandemic which led to no major sports and shuttered casinos. What could have been a disaster turned into an important lesson for states still looking to legalize sports betting.
Online sports betting handle accounted for 98.5% of the total handle in August. That handle was spread across 10 online sportsbooks with another three launching this month.
Who else is coming?
There are still some significant names expected to launch in Colorado, which could have more than 30 operators at maturity:
PlayUp also plans to make its US debut in Colorado this year.