Colorado - Another Sports Betting Success Story
July 23, 2020
One by one, states have been passing legislation that legalizes sports betting (land based, online) for its residents. When New Jersey sports bettors were finally turned loose, the state's sports betting revenue exploded, creating a tremendous success story. Th same thing happened in Pennsylvania, West Virginia, and Indiana. After three month of activity under the radar, we can now list Colorado as another likely U.S. sports betting success story.
Before discussing what has taken place in Colorado, it's worth noting that anything the state's bookmakers have accomplished has been done while the country has been battling the COVID19 pandemic. The state's sportsbooks started taking sports bets on May 1, during a time when all of the world's major sports leagues were shutdown.
On opening day (May 1), the following online sportsbook operators were ready to go: FanDuel Sportsbook, DraftKings Sportsbook, BetRivers and BetMGM. It's no coincidence that these four organizations have already established themselves as the top bookmaking operators in the U.S.
Today, the state of Colorado is now represented by 10 online bookmakers and 2 retail bookmakers, Betfred and DraftKings. That's amazing growth considering every operator made its move despite not having a crystal ball looking into the future as it relates to how long the pandemic would be acting as an anchor on the world's sports activities.
At this point, the actual revenue numbers are not important. What matters is the desire of top sportsbook operators to make sure Anerica's sports bettors have somewhere to go when the world's sports leagues start reopening.
During the recent 2020 SBC Digital North America, Charles LaBoy, VP of compliance for Roar Digital had this to offer participants:
“Certainly COVID came in and threw a curveball for all of us. And I’d be lying if I didn’t say there was a period of uncertainty as to whether or not we collectively would be able to make that transition. It wasn’t only just operators; it was casino partners and regulators (who) really had to switch how we do business.”
Later this month, Colorado bettors will get the opportunity to start testing the sports betting waters. With the start of the NBA tournament, the resumption of the NHL season, and the start of MLB's 60 game season, sports bettors will likely be wagering like crazy people.
To this point, bettors have been patient. When everything gets rolling again, it's a good bet Colorado's bookmakers will be rewarded for their efforts.