Historic U.S. Sports Betting Milestone Reached by Avalanche
Are you feeling the chill in the air, sports fans? Colorado's sports betting scene is heating up, with the local ice queens, the Avalanche, making waves this Spring. The state's gaming director Dan Hartman has his eye on those chilly numbers and sees a shift in the betting landscape.
Where basketball and baseball once reigned supreme, hockey is stealing the spotlight. In just one year, hockey wagers skyrocketed from $10.6 million to an icy $26 million in 2022, while basketball and baseball betting didn't even double. As a proud resident and season ticket holder for the Avalanche, Hartman can confirm: Colorado's going Avs-crazy!
Sportsbooks Feel the Heat
The big leagues have taken notice of the surging action from the Centennial State. With the puck dropping for the Stanley Cup Finals, a team from a newly legalized betting state will battle it out in one of the major leagues for the first time. This thrilling turn of events echoes the excitement four years ago in Las Vegas where sportsbooks faced a wave of action from местños.
Now, it's Colorado's time to shine. But beware, sportsbooks! An Avalanche win isn't your best scenario in the Rockies. Sportsbooks giants like DraftKings and smaller operators such as Westgate's SuperBook are bracing for the impact. The volume of bets on the Avs has significantly increased, putting many operators in a bind.
"The Avs winning the Cup isn’t the best outcome for us in Colorado," said Westgate's lead bookmaker, a fellow Coloradan with divided loyalties. Jay Kornegay's cheering section may be rooting against his company, but the admirable Avs might leave him with a financial loss.
The Avalanche's Gripping Grip
DraftKings lead trader Johnny Avello shares the same predicament if the Avalanche best the two-time defending champion Tampa Bay Lightning. Most of thevolume pouring in is from Colorado, mainly Denver and nearby towns and cities. What's surprising to some old-timers in the betting world is how Coloradans are enthusiastically backing their team.
"The Rangers were in a minus position for us if they won the whole thing," Avello said. "That’s where we stand with the Avs." If all of Colorado were stripped from the betting pool, DraftKings would see a profit. But if the Avs capture the Stanley Cup, a chunk of that gain would come from the state of Colorado.
Other operators such as BetRivers find themselves in a similar position, with approximately two-thirds of the action pouring in on the Avs, who are heavily favored at -195 odds. Unlike the mighty Lightning, who soared to +2000 odds to win the Stanley Cup before, the Avs have been favorites all season, never reaching above +550 odds to claim the cup.
A Destiny in the Making?
The Avs' dominant play has inspired betting frenzy in Colorado, fueling the betting trend Hartman described. The team won the first seven games in April, setting off the trajectory. While they cooled off by the end of the regular season, they soon returned with a vengeance, going 11-2 in the playoffs so far.
"The Avs have been the favorite for a long time this season," Avello said. "They came close to winning the Stanley Cup before and couldn't quite get over the hump. They finally did so two seasons ago. That's the position the Avs are in now."
A victorious Avalanche run will undoubtedly leave many sportsbook operators nursing losses. But Hartman, a fellow Avalanche enthusiast, will dance along with the other fans should the series finish in Denver, while also hoping the series goes the distance to ease some financial tension.
"From a gaming commissioner's perspective, I'd prefer a long series," Hartman said. "But as a Colorado fan and for my blood pressure's sake, I'd rather see it end quicker."
- Dan Hartman, Colorado's gaming director, is watching as the state's hockey betting scene soars, with the Avalanche being a major contributing factor.
- Bookmakers like DraftKings and Westgate's SuperBook are anticipating a potential financial loss if the Avalanche win the Stanley Cup, due to an influx of bets from Colorado.
- Johnny Avello, DraftKings' lead trader, reported that most of the betting volume is coming from Colorado, and an Avalanche victory would result in a significant portion of the company's profit.
- BetRivers also finds itself in a similar predicament, with about two-thirds of the action favoring the Avalanche, who are heavily favored to win the Stanley Cup.
- The Avalanche's dominating play and their history of coming close to claiming the Stanley Cup has sparked a betting frenzy in Colorado, driving the sports-betting trend described by Dan Hartman.
