Colorado sports betting posted year-over-year handle and revenue gains in July.
According to figures released Tuesday by the Colorado Department of Revenue, CO sports betting handle reached $281.1 million in July, a 9% increase over the same month last year ($258.4 million.)
Handle did drop 9.5% from June ($310.6 million.) However, sports betting dollars tend to be lower in July with fewer events on the wagering calendar.
CO sports revenue increases in July
Colorado sportsbooks combined for nearly $25 million in July revenue. It was a 20% bump over July 2022 ($20.8 million.)
Operators rebounded in July after an NBA championship for the Denver Nuggets put a dent in their bottom line the month prior.
Revenue increased 170% month-over-month, up from $9.2 million in June.
Colorado collects more sports betting taxes, too
The Centennial State collected $1.8 million in July sports betting taxes, a nearly 63% increase over July 2022 ($1.1 million.)
It was a sizable boost for the state month-over-month as well. Colorado collected $442,000 in June taxes after operators experienced a drop in monthly revenue.
Sports bettors turn to baseball
Basketball is Colorado’s favorite sport to bet on. Without NBA action in July, Colorado sports betting dollars shifted mid-summer toward baseball.
Baseball brought in nearly $104 million in online bets for CO sports betting apps, 37% of all online wagering dollars in July.
Parlays were the second most popular at 16% of all betting. Colorado sports bettors staked $44.5 million with online parlays. Operators posted a 17% win rate on the combination wagers.
Above-average hold for CO sports betting
Colorado sportsbooks posted an 8.8% hold in July.
It is the second-highest win rate for operators this year, behind only March when sportsbooks held 9.3%.
Colorado sports betting operators have an average monthly hold just shy of 7% dating back to May 2020.
The post Colorado Sports Betting Market Posts Annual Gains In July appeared first on Legal Sports Report.
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