Colorado Sports Debut Collects $25.6 Million From Gamblers Despite Coronavirus Lockdown
Colorado’s sports betting industry debuted on May 1. It has now generated gaming revenue amounting to $96,537.55 despite the lockdowns imposed to help curve the spread of the novel coronavirus.
Casinos in many states started licensing their sportsbook operations after the lifting of the ban.
Currently, not less than 22 states legalized sportsbook operations as they seek an alternative source of funds. The lockdowns imposed to prevent the spread of the novel coronavirus contributed to the growing influence of sportsbooks.
Sportsbooks remained operations, through their sports betting apps, despite stay-at-home mandate by the government. The gamblers shifted their attention to online gambling, including online sports betting, in the absence of bricks and mortar casinos. The sportsbooks industry continued collecting revenue despite the shutdown of the casinos and other gambling facilities.
Colorado collects revenue, although coronavirus brought challenges
The first full month of operations of the regulated sports gambling in Colorado collected nearly $25.6 million in wagers. Land-based casinos in the state remained shut down because of the continuing spread of the novel coronavirus.
The virus infected more than 13 million individuals globally and killed more than half a million lives. The US reported more than three and a half million confirmed cases of the virus, including 140,000 deaths. In Colorado alone, the number of cases reached 38,155, and the deaths reached 1,744 as of July 16.
The Colorado Department of Revenue reported that table tennis was the highest grocer in May, collecting $6.5 million in wagers. The report said the industry contributed more than $96,000 in tax revenue. Online sports betting and sports betting in casinos became legal in the state since May 1, major sports events were postponed or canceled because of the pandemic.
Gamblers place bets on available sports
During the shutdown, some sports events continued, including table tennis matches in Europe, the UFC matches, and the Korean Baseball Organization matches, in May. Gamblers were able to place their bets on these games providing sports betting revenue during the month.
Dan Hartman, director of the Division of Gaming in Colorado, said the figures in May are encouraging as it shows the potential of the sports betting industry of the state. The Colorado Limited Gaming Commission approved licenses of 25 operators for sports betting in the state. Six of the operators continued their operations in May.
The sports betting industry sees hope for revenue as sports events such as the PGA Tour golf, MLB and NBA announced a plan to resume games. The legalization of sports betting was realized after voters in the state voted to pass Proposition DD, which legalized the industry.
The Division of Gaming estimated revenue of the sports betting industry to reach $1.5 million and contribute $1.7 million in taxes by 2021. Everybody hopes that things could go back to normal soon for casinos and sports betting to operate at full capacity.
Vietnam Casinos Reports 60 Percent Increase In Revenue In 2019
The casinos in the country were legalized before March 2017 when the government launched a…
Pragmatic Play Enters Brazilian iGaming Market With Betmotion Deal
Online gambling is rapidly spreading worldwide, and many companies are moving towards the expansion of…
The Philippines Rises As Asia’s Casino Capital
The Chinese special administrative region is one of the favorite destinations of people looking for…
India’s Esports Industry Emerges One Of The World’s Most Lucrative Markets
PC gaming is one of the alternatives as land-based entertainment shuts down. The tech industry…
Austrian Gambling Billionaire Faces Challenges For His Casino Empire
Aside from the massive decline in profit, his business faces charges of corruption, its chief…
India’s Online Casino Regulations
Developments in technology contributed to the growth of the industry. User verification technology, such as…