Colorado’s betting handle decreased more than 8% from June 2024 to July 2024, dropping from $350.4 million to $320.3 million. However, the Centennial State did manage to generate $32.5 million in gross revenue despite a $30 million drop in its betting handle, according to the Colorado Division of Gaming.
The hold rate across retail and online sportsbooks in Colorado amounted to 10.16%, up from 8% in June. Colorado’s total betting handle and total tax revenue both increased from July 2023, with a 30.43% month-to-month increase in tax revenue from June to July. Tax revenue rose to $2.36 million in July from $1.81 million in June.
The total betting handle in July increased 13.98% fiscal year to date, despite being down 8.5% from June.
July 2024 revenue
| Operator | July Handle | Revenue |
|---|---|---|
| Baseball | $94.6 million | $7.81 million |
| Basketball | $55.7 million | $3.37 million |
| Tennis | $34.8 million | $2.23 million |
| Soccer | $28.1 million | $2.07 million |
| Table Tennis | $14.03 million | $1.1 million |
| Golf | $7.16 million | $1.49 million |
| MMA | $4.2 million | $264,900 |
| Summer Athletics | $1.46 million | $380,100 |
| Football - Pro American | $1.43 million | $892,300 |
| Motorsports | $571,400 | $91,100 |
Baseball was the biggest revenue generator amongst legal Colorado sports betting markets on retail and online sportsbooks, gaining $2.2 million in revenue compared to June, despite roughly a $10 million decrease in its betting handle.
Basketball saw similar numbers to June during July, likely due to the Summer Olympics in France, which saw Team USA pull off an impressive comeback win against France in the gold medal game. A slight downtick in the betting handle, from $59.2 million to $55.7 million occurred while bringing in half a million dollars less in revenue at $3.37 million.
Tennis and soccer were able to generate more than $2 million each in revenue for Colorado, although they collectively did drop from $5.4 million in June to $4.3 million during July.
Golf saw its betting handle decrease by $1.3 million, but revenue for the Centennial State increased from $555,000 to $1.49 million following Xander Schauffele’s second major win at the British Open.
Parlay profits bounce back
While $64 million in total parlays were wagered at Colorado retail and online sportsbooks in July, down from $73.1 million in June, the revenue gained from parlays increased from $8.8 million to $11.65 million in July.
Roughly 20% of wagers placed in July were parlays, or multi-leg bets, which led to a $2.8 million increase in profit for sportsbook operators in Colorado compared to $8.8 million in revenue earned during June.
