Sports
Colorado sports bettors betting heavily on NBA playoffs in May
Gamblers in the Centennial State also like to bet on ping-pong matches. In April, $13.9 million was wagered on the sport, bringing the total amount of table tennis bets to almost half a billion.
Online sports betting in Colorado dominates the state's sports betting market. The The latest financial reports from the Colorado Department of Revenue In May, $445.9 million was wagered on online sports betting sites in Colorado, while physical sportsbooks only took in $1.58 million per month.
The NBA playoffs were a major factor in betting activity in May, generating $147.5 million per month.
In total, Colorado sportsbooks generated $447.6 million in revenue, up 16.2% year-over-year from May 2023, but down month-over-month from April’s $509.5 million in revenue.
Colorado sports betting companies generated $44.99 million in gross revenue in May, and the state coffers benefited from a $3.2 million tax windfall.
Parlay Profits
Sports bettors in Colorado went wild for the parlay action in May, wagering $93.06 million on the bet.
Parlays are notorious profit centers for operators, and Colorado sportsbooks enjoyed a massive 22.5% hold on these multi-leg bets. This helped fuel a 43.3% month-over-month spike in gross gaming revenue for Colorado sportsbooks, despite the handle being down month-over-month.
Gross gaming revenue also grew 40.5% year-on-year.
Favorite sports to bet on
The Denver Nuggets attempted to repeat their NBA championship this spring, but were defeated in the second round by the Minnesota Timberwolves. Basketball betting in Colorado generated $147.5 million in wagers, and Colorado sportsbooks generated $7.95 million in revenue from that action.
These sales figures were 57.4% higher in May than last year, and sales increased by 18.9% compared to the previous year.
The Colorado Avalanche were also eliminated in the second round of the NHL playoffs, with a total of $24.2 million wagered on hockey games in May.
Baseball was the second most popular sport for the second month in a row. The MLB season starts in May.
| Sport | Can handle | Gain |
|---|---|---|
| Basketball (pro) | $147.53 million | $7.95 million |
| Basketball | $92.33 million | $3.81 million |
| Tennis | $25.53 million | $2.23 million |
| Ice hockey | $24.22 million | $3.4 million |
| Table tennis | $13.92 million | $1.16 million |
| golf | $6.97 million | $880,700 |
| MMA | $2.79 million | $290,000 |
| Boxing | $2.23 million | $879,500 |
Interestingly enough, Colorado sports bettors love… table tennis. Colorado sportsbooks took in nearly $1.2 million in revenue from $13.9 million in table tennis revenue. This brought the state’s all-time table tennis revenue to over $400 million. This is perhaps a testament to the popularity of online sports betting, as only $195.20 of that table tennis revenue was placed at a retail sportsbook.
Colorado tribes attempt to open online sports betting
Currently, the majority of Colorado's sports betting tax revenues – as much as 90% – are allocated to the state's water programs.
The Southern Ute and Ute Mountain tribes want to add online sports betting to their casinos through remote sports betting kiosks, but some Colorado lawmakers fear the state will lose most of its water funding.
By expanding Colorado's online sports betting market in this way, commercial gambling companies can operate these remote kiosks on tribal lands and thus circumvent the current tax structure, since tribes have tax-exempt status.
“When the Legislature put the sports betting initiative before voters in 2019, a key component was that the state would collect taxes on the revenue and spend 90 percent of that money on water projects,” said Rep. Dylan Roberts. “Now there’s a concern that if the physical locations were to move onto tribal lands, we would lose most of that funding for water.”
Voters will also receive a proposal from Bill 1436 in November to lift the current $29 million cap on gambling revenues the state can collect in a fiscal year. This is ultimately an effort to increase gambling revenues for water projects.
Pages related to this topic
|
Sources 2/ https://www.covers.com/industry/table-tennis-tops-400-million-all-time-handle-in-colorado-sports-betting The mention sources can contact us to remove/changing this article |
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
 |
 |
 |
