The Centennial State’s sports betting operators saw a dramatic rise in June revenue year-over-year.
With the Denver Nuggets winning the NBA title last summer, profits were wrecked as online sportsbooks combined to produce $9.2 million in gross revenue and $1.97 million in adjusted revenue in June 2023.
The Colorado Department of Revenue reported gross revenue of $28.2 million this June, a 206.5% increase. Net proceeds of $19.2 million rose to a massive 874.6% year-over-year.
The Centennial State’s operators generated a June handle of $350.4 million, up 12.8% from the previous year. Online sports betting accounted for $348.9 million of the total monthly wagers with retail generating $1.5 million in June.
However, the 8% hold fell nearly two points from the double-digit win rate produced in May. The June handle was down 22% month-over-month while revenue dropped more than 37%.
Raking in revenue
Colorado filled its coffers with $1.8 million in tax revenue, down 43.3% from May but up 311.1% year-over-year. The Colorado sports betting operators have paid out $15.2 million in taxes year-to-date, up 19.7% from the same period last year.
Colorado has taken in over $3 billion in wagers at the halfway point of 2024 while operators have claimed nearly $230 million in gross revenue, up 27% from last year.
Increased earnings
| Operator | June Handle | Revenue |
|---|---|---|
| Baseball (pro) | $104.1 million | $5.6 million |
| Basketball | $59.2 million | $3.9 million |
| Soccer | $27.7 million | $3.1 million |
| Tennis | $26.6 million | $2.3 million |
| Table Tennis | $15.1 million | $1.1 million |
| Golf | $8.4 million | $555k |
| Ice Hockey | $8.1 million | $110k |
| MMA | $5.7 million | $894k |
Major League Baseball helped fuel the Centennial State’s handle with over $104 million wagered on the sport, which produced a 5.4% hold in June. The College World Series added another $1.4 million of handle and produced as much June revenue ($1.2 million) as Colorado generated in wagers during last year’s baseball event.
With the Nuggets out of the picture, basketball generated $59.2 million in bets and $3.9 million in revenue, second-most in both categories behind baseball. Soccer brought in the profits for the sportsbooks with $3.1 million in earnings on a $27.7 million handle as Euro and Copa America dominated the sport’s offerings in June.
Table tennis continued its popularity in Colorado with wagers topping $15.1 million. Golf, which featured the U.S. Open in June, generated $8.4 million, up from $6.9 million in May.
With only the Stanley Cup Final between the Florida Panthers and Edmonton Oilers to rely on in June, ice hockey wagering fell 66.5% month-over-month but was up 90% year-over-year.
Parlay profits plummet
Parlays maintained popularity in Colorado, generating $73.1 million in wagers and $8.8 million in revenue. That’s not as good as May, though, when the parlay handle reached $93 million and revenue surged to $20.9 million behind a robust 22% hold.
Bettors had a better month in multi-leg bets. Sportsbooks watched the parlay win rate drop to 12.1% in June. That’s well below the 15.7% hold produced year-to-date by sports betting operators.
