Colorado 2020 Betting Handle Tops $1billion Mark
Colorado sports betting handle in 2020 surpassed the $1Billion mark
The Colorado sports betting industry launched on May 1 and has been growing ever since. The market in the Centennial State saw nearly $1.2 billion in wagers in 2020 and saw off the year with record total handle and mobile handle in December. The total sports betting handle for the final month of last year was $284.6 million, a 23% increase over November’s $231.2 million. The Colorado Division of Gaming released these figures on Monday. They included the amount of taxes collected for December, which was $531,489, a decline from November’s $793,820.
One of the reasons sports betting has got off to such a strong start in Colorado is the highly competitive market, which currently features around 20 online operators, including some of the biggest names in US sports betting such as BetMGM, DraftKings, and William Hill. Additionally, favorable regulations and passionate sports fans supporting local professional and college teams have also helped.
Dan Hartman, director of the Colorado Division of Gaming, said reaching the $1 billion mark “is a milestone event for the department.” He added that there is a large amount of trust in the industry, which is drawing bettors away from the black market and more towards the regulated market. He stated that he believes the legal industry will “continue to have a positive impact on Colorado.”
Covering the time period of May 1 to Dec. 31, the total sports handle for the Centennial State was $1,185,754,617, with taxes collected of $3,418,818. Mark Ferrandino, executive director for the Colorado Department of Revenue, said he is “thrilled” to see the success of the regulated betting industry in the state. He added that looking ahead to 2021, they are looking to “collaborative stakeholder engagement to remain poised for success.”
Other Numbers of Note in Colorado
Mobile sports betting dominated the figures, accounting for 98.6% of the total handle in December. The Department of Revenue’s monthly statistics revealed that the 280.4 million was a 23.6% increase from November’s $226.9 million. In December, gross gaming revenue was $17.2 million, a decrease of 6.6% from November’s $18.3 million.
There was no surprise in the list of the top five sports in December handle. These were:
Pro Football $88.1 million
Pro Basketball $42.8 million
College Basketball $35.2 million
College Football $14.9 million
Table Tennis $10.9 million
Regarding types of bets, parlay betting accounted for $46.4 million, which jumped $6million from the previous month. The ‘other’ sports category had $36.3 million in wagers in December.
More Live Betting Coming to Colorado
Circa Sports Colorado and DeckPrism Sports have announced a partnership. As part of the agreement, DeckPrism will become the exclusive in-play odds provider for Circa’s sportsbook app in Colorado.
The deal enables Circa Sports Colorado to gain access to DeckPrism’s technology. In return, Circa Colorado customers can enjoy in-play odds. In-play betting is prevalent in Europe and is expected to grow in the United States. Other names set to enter the CO betting market include tipico, and 888 & Betsson group.
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