In June 2024, Colorado’s sports betting market exhibited notable activity with a total handle of $350.8 million. This figure represents a 12.8% increase compared to the same period last year. However, it falls 21% short of the $447.6 million wagered in May 2024. The majority of this betting activity was conducted online, with $348.9 million placed through online platforms and $1.5 million through retail sportsbooks.
Popular Sports for Betting
June saw baseball emerge as the top sport for betting, with a substantial $104.5 million wagered. This was followed by basketball, which garnered a handle of $59.2 million. The strong performance in soccer was largely attributed to the commencement of the second Copa América in the US, leading to a significant increase in betting activity. Soccer bets reached $27.6 million, doubling compared to previous figures. Table tennis also experienced growth, with betting totals rising to $15.1 million.
Gross Gaming Revenue
The gross gaming revenue (GGR) reported by the Colorado Department of Revenue was $28.2 million. This marks a remarkable increase of 206.5% compared to the $9.2 million reported for June of the previous year. This surge in revenue highlights the growing popularity and expansion of the sports betting market in Colorado.
Tax Revenue and Distribution
From the total net proceeds, the state of Colorado collected $1.8 million in tax revenue. This tax revenue predominantly originated from online sportsbooks, which contributed the vast majority of the total. In contrast, retail sportsbooks only generated $7,130 in tax revenue.
Monthly Comparison
When comparing June’s figures to those of May 2024, there is a noticeable decline of 21% in the total handle.
Year-on-Year Growth
The year-on-year growth of 12.8% indicates a positive trend in Colorado’s sports betting market. This growth, combined with the dramatic increase in gross gaming revenue, suggests a robust and expanding market with increasing engagement from bettors.
Sports-Specific Trends
The increase in betting on soccer, particularly due to international tournaments like Copa América, underscores the impact of major sporting events on betting behavior. The growth in table tennis betting also reflects a diversification of interest among bettors.
June 2024 has demonstrated both growth and fluctuations in Colorado’s sports betting market. While the total handle saw an increase compared to the previous year, it experienced a decline from the previous month. The impressive rise in gross gaming revenue and the dominant role of online sportsbooks in tax revenue collection highlight the ongoing evolution and expansion of the sports betting landscape in Colorado.