Since the launch of sports betting in May 2020, Colorado has seen significant growth in its sports betting industry. The state’s total wagers have now surpassed $7.6 billion, indicating a strong interest in sports betting among Coloradans. However, the latest figures for June 2022 show a slight decline compared to the previous month, reflecting fluctuations in betting activity. Let’s delve deeper into the details and trends of Colorado’s sports betting market.
June’s Handle and Wager Breakdown:
In June, Colorado’s sports betting handle reached $313.2 million, representing a 13% decrease from May’s figure of $360.3 million. Online operators accounted for the majority of bets placed, with a handle of $310.3 million, while retail operators received $2.8 million in wagers. Among the sports, baseball led the way with $106.4 million in wagers, followed by basketball ($44 million) and ice hockey ($29 million).
Gross Gaming Revenue and Win Percentage:
Despite the decrease in handle, sportsbooks reported gross gaming revenue of approximately $9.8 million in June. However, the win percentage was only 2.2%, marking the second-lowest win percentage on record, with September 2020 holding the lowest rate of 2%. As a result, the adjusted revenue loss for June was $1.9 million, with August 2020 being the only month in the state’s history to record larger net losses ($3.4 million).
Tax Collection and Year-Over-Year Growth:
Colorado collected $286,280 in taxes for June, contributing to a year-to-date tax total of over $6.2 million. In terms of year-over-year growth, the handle has increased by 59.8% compared to the first six months of 2021, while gross revenue has seen a growth of 30.6%. These figures demonstrate the continued expansion and popularity of sports betting in the state.
Total Wagers since Launch:
The cumulative total of wagers placed in Colorado since the launch of sports betting in May 2020 now stands at just over $7.6 billion. This milestone underscores the significant engagement and participation of Colorado residents in sports betting activities, solidifying the state’s position as a thriving sports betting market.
Colorado’s sports betting industry has experienced remarkable growth since its inception in May 2020. While June witnessed a slight decline in betting activity compared to the previous month, the overall trend demonstrates the sustained interest and enthusiasm for sports betting in the state. With a total wager amount exceeding $7.6 billion and continued year-over-year growth, Colorado remains a prominent player in the sports betting landscape. As the market evolves, stakeholders will closely monitor trends and adjust strategies to capitalize on the state’s thriving sports betting market.