LAS VEGAS, Jan. 25, 2021 /PRNewswire/ -- Colorado
sportsbooks closed 2020 with yet another record month that made the
Centennial State the sixth to surpass $1
billion in wagers for a year, a significant accomplishment
considering the industry launched in May with no major U.S. sports
in action, according to PlayColorado, which provides news and
analysis of the state's gaming industry.
"Colorado's launch in the heart
of a pandemic has, perhaps inadvertently, spawned what could be the
most innovative market in the country," said Ian St. Clair, analyst for PlayColorado.com.
"It's not just that table tennis remains a popular draw in the
state, even months after the return of major U.S. sports. It's also
the way operators are using unique betting markets to help connect
with customers. The unusual recipe has unquestionably been a
success."
Colorado's online and retail
sportsbooks tallied their eighth consecutive month of record
wagering with $284.6 million in
December, according to data released Monday by the Colorado
Department of Revenue's Division of Gaming. That was up 23.1% from
the previous record of $231.2 million
set in November.
Gross gaming revenue fell just short of a state record in
December, hitting $17.2 million. That
was down from the high of $18.4
million in gross gaming revenue set in November. Meanwhile,
net sports betting proceeds fell to $5.7
million, down from $9 million
in November. Sports betting produced $531,490 in state taxes in December.
For all of 2020, Colorado's
retail and online sportsbooks produced:
- $1.2 billion in wagers, of which
$1.17 billion were made online
- $75.8 million in gross gaming
revenue.
- $28.3 million in net betting
proceeds
- $3 million in state taxes,
including $2.2 million in the last
three months.
"After a slow start as sportsbooks ramped up, the last three
months prove that sports betting will be a reliable revenue
generator for the state," said Jessica
Welman, analyst for PlayColorado.com. "Revenue ebbs and
flows in every sports betting market, typically peaking at the
height of the football season. In that way, Colorado's pattern is on par with what we see
most everywhere in the U.S."
With heavy action in December on pro football ($88.2 million), pro basketball ($42.9 million), and college basketball
($35.2 million), Colorado will likely place sixth in the U.S.,
behind only New Jersey, presumably
Nevada and Illinois, Pennsylvania, and Indiana.
But the Centennial State did not take a conventional route to
become one of the largest U.S. markets. Table tennis has generated
$63.5 million in bets this year,
including $11 million in December.
Only football, baseball and basketball have generated more.
And sportsbooks have been creative in drumming up interest.
FanDuel offered a promotion in December in which it shifted the
line 1 point in the University of
Colorado's favor for every 500 fans who placed a bet on the
Buffaloes. And sportsbooks have increasingly offered unique
proposition bets, like where star quarterback Deshaun Watson could eventually land.
"Colorado's books are offering
bets that are simply not available in other states," Welman said.
"There are myriad reasons why, but one of them is that table tennis
has been so lucrative that state regulators and sportsbooks
themselves have been inspired to take chances on more
unconventional offerings."
For more, visit PlayColorado.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network
and its state-focused branches is a leading source for news,
analysis, and research related to the market for regulated online
gaming in the U.S.
Contact:
Zack Hall, DVA Advertising & PR,
541-389-2411, 289973@email4pr.com
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SOURCE PlayColorado.com