College football and table tennis had a major impact on Colorado's sports betting action in August.
The Centennial State’s online and retail sportsbooks took in 21.7% more wagering dollars compared to Aug. 2023. The Colorado Department of Revenue reported a $372.4 million handle in August, up from the $306 million generated the previous year.
Helped by the Colorado Buffaloes kicking off the 2024 season on Aug. 29, the NCAA football handle totaled $14 million, up $8 million year-over-year. Table tennis provided $17.8 million in wagers, a yearly increase of 43.5% and the most ever for the sport in a single month in Colorado.
August’s gross gaming revenue reached $33.2 million, up 28.3% year-over-year, while adjusted revenue of $24.5 million increased 31% compared to the same month last year.
The 8.9% hold topped the 8.4% from the previous year and nearly mirrored the 8.8% win rate produced by the $370.3 million wagerd online. Retail sportsbooks, however, set a new mark with a 33.3% hold that generated $699,432 on a $2.1 million handle.
Operators handed nearly $2.4 million in taxes over to the Centennial State, which has accumulated nearly $20 million in revenue from sports betting year-to-date.
Less impressive
Colorado’s sports betting handle and revenue had more modest increases month-over-month.
The amount wagered rose 16.2% from July’s $320.3 million handle. Operator profits went up just 2% from the $32.5 million made the previous month.
Sportsbooks weren’t able to turn in the same double-digit hold that it produced in July, despite the improved handle.
Sport-by-sport
| Sport | August Handle | Revenue |
|---|---|---|
| Baseball (pro) | $103.2 million | $4.2 million |
| Tennis | $39.3 million | $2.9 million |
| Basketball | $33.6 million | $1.9 million |
| Football (pro) | $29.6 million | $5.8 million |
| Soccer | $23.3 million | $1.8 million |
| Table Tennis | $17.8 million | $1.4 million |
| Football (NCAA) | $14 million | $1.5 million |
| Summer Athletics | $8.9 million | $602,000 |
Baseball continued its expected dominance among Colorado sports, bringing in $103.2 million in wagers — down about $2 million from the same month last year but up from the $94.6 million totaled in July. Revenue of $4.2 million was the second-highest in the Centennial State.
The NFL’s preseason helped pro football take home the top revenue prize of $5.8 million, thanks to a nearly 20% hold on $29.6 million in bets. Revenue rose nearly 17% year-over-year.
Operators also enjoyed a double-digit hold in college football, which generated $1.5 million. However, the extra wagering helped a revenue total down from the $1.9 million produced in Aug. 2023.
The Olympics led to $8.9 million in wagers on the Summer Athletics category, up from the $1.5 million from July, but operators held a modest 6.8% of the amount bet in August. MMA wagering increased from $4.2 million in July to $4.6 million in August while the “other” sports took in over $16.3 million.
Parlay action rises
Parlays accounted for $76.1 million of all wagers placed in Colorado in August. That’s up 19% from July’s total and 42.2% year-over-year.
A 13.3% hold on combination wagers led to $10.1 million in operator revenue, down 13.3% from July but up 5.7% from Aug. 2023. Year-to-date, parlays have generated over $770 million in the amount wagered and revenue of $120 million on a 2024 hold of 15.7%.
