Colorado’s sports betting market experienced a notable shift in July, with a decline in the monthly handle but remarkable year-on-year growth in gross gaming revenue (GGR). The Colorado Department of Revenue’s latest report sheds light on these developments, marking the first time since August 2022 that the state’s monthly handle fell below $300 million.
Colorado’s Sports Betting Handle:
In July, Colorado’s sports betting handle reached $281.1 million, representing an 8.9% increase compared to the same month in the previous year. However, it’s important to note that this figure also signifies a 9.5% drop from the $310.7 million generated in June. This decline in the handle marked the first time it fell below $300 million since August 2022. Furthermore, July marked the fourth consecutive month with a month-on-month handle decline.
Gross Gaming Revenue Surges:
Despite the drop in the handle, the gross gaming revenue in July was an impressive $25 million, marking a substantial 20.2% increase compared to July 2022. More notably, this figure represents a remarkable 171.7% surge from June of the same year. Online operators contributed significantly to this success, reporting a gross gaming revenue of $24.8 million. Players emerged victorious, winning a total of $256.1 million during the month.
Top Sports for Betting:
Baseball continued to be the sport of choice for bettors in Colorado, with players wagering a substantial $104.9 million on baseball-related bets. Basketball followed closely behind with $34.5 million in bets, and tennis garnered significant attention with $33.9 million in wagers. Parlay bets also found favor among players, accounting for a total spend of $44.8 million.
Tax Revenue and Year-to-Date Totals:
Colorado collected $1.8 million in sports betting tax revenue for the month, contributing to a total of $14 million for the year 2023. This impressive figure outpaces the previous year by $6.6 million, showcasing the growth and resilience of the state’s sports betting industry during the first seven months of the year.
While Colorado’s sports betting handle experienced a slight dip in July, the industry’s overall health remains robust. The significant year-on-year growth in gross gaming revenue, coupled with substantial tax revenue, indicates a thriving and resilient market. Despite the monthly fluctuations, Colorado’s sports betting industry continues to be a significant contributor to the state’s revenue stream, showcasing its potential for sustained success in the years to come.