In June, Colorado’s sports betting handle amounted to $310.7 million, reflecting a marginal 0.8% year-on-year decline and a decrease from May’s $385.2 million. The Colorado Department of Revenue’s report unveils key insights into the state’s sports betting landscape, encompassing gross gaming revenue (GGR), popular sports, and tax contributions.
Sports Betting Performance:
While the sports betting handle experienced a slight YoY dip, the GGR for June saw a notable 70% drop compared to May, totaling $9.2 million. Retail sportsbooks faced the most significant decrease, shifting from $216,433 to -$674,061. In contrast, online operators reported a GGR of $9.9 million, showcasing a win rate of 2.97%.
Betting Preferences:
June’s betting preferences were led by baseball, representing over 33% of total bets, primarily driven by Major League Baseball (MLB) events. Parleys accounted for 22.4% of bets, while tennis contributed 7.6% to the overall handle.
Tax Contributions and Financial Overview:
Colorado garnered $442,000 in tax receipts for June, pushing the cumulative tax revenue for the first half of the year beyond $12 million, nearly doubling the comparable period from the previous year. The three-year journey of legal sports betting in Colorado has witnessed $12.1 billion in bets, with sportsbooks accumulating gross profits totaling $817 million.
Despite a marginal year-on-year decline in the sports betting handle, Colorado’s market remains robust, with a diverse range of sports capturing bettors’ interests. The shift in betting preferences, coupled with sustained tax contributions and substantial gross profits, underscores the resilience and growth potential of Colorado’s sports betting industry. As the landscape evolves, continued monitoring of key metrics will provide valuable insights into the trajectory of sports betting in the state.