Colorado Sports Betting Posts Third-Best Revenue Figure in June
Despite a nearly 8% decline in June, Colorado sports betting posted its third-best revenue figure in history with a whopping $19.7 million in gross gaming revenue.
According to the latest report released Tuesday from the Colorado Division of Gaming, the state’s sportsbooks brought in $229.8 million in June, representing a 7.7% dip from May’s $248.9 million.
The June dip in handle was probably due to early playoff exits for local teams, resulting in decreased interest among voters. But the revenue number made up for June, a typically slow month due to a lack of sporting events.
Mobile betting accounted for 98.8% of the total handle of Colorado sports betting in June.
Third Highest Revenue Ever
Colorado sports betting revenue totaled $19.7 million in June, the third-highest revenue number since the state launched sports betting in May 2020. June’s revenue figure also represented more than 30% increase from May’s $15.1 million.
Promotional spending for the Centennial State’s sportsbooks also decreased in June, only to help tax collection. Colorado sportsbook dished out a little more than $8 million in promos last month, dropping taxable revenue to $11.7 million for $1.2 million in tax revenue. The revenue generation of $1.2 million for the state is the second-highest ever figure.
In May, the state collected $635,641 – or 86.7% less – after $9.2 million in promos shrank taxable revenue to $5.9 million.
Highest Percentage of Online Sports Betting in US
Colorado has the highest percentage of wagers placed via mobile devices in any US jurisdiction where the retail option is available. Tennessee sports betting and Virginia sports betting are currently the online-only sports betting markets.
Mobile sports betting handle in Colorado grabbed 98.8% of all bets placed in June, with a handle of $227.1 million, down nearly 8% from May’s $246.5 million.
The retail sportsbooks at the western Colorado casinos posted merely $2.7 million in total retail handle for June.
Top 5 Sports in Colorado Betting Wise
Despite Denver Nuggets’ season came to a disastrous end in the middle of the month, basketball drew $74.9 million, the highest handle for any individual sport in June. It’s the sixth straight month the NBA has been attracting the largest number of bets for any single sport for the market. In May, Coloradans wagered $86.9 million worth of bets on the sport.
Baseball took the second spot by posting $54.6 million, up from $49.1 million in May.
Soccer drew $12.8 million, thanks to Euro 2020, while table tennis betting saw $12.3 million in handle. Hockey betting dipped to fifth with $10.7 million in handle.
The “Other” category accounted for nearly $13 million, while parlays witnessed $33.9 million in June handle, according to the state report.
What Does Future Hold for Colorado Sports Betting?
The declining handles are both expected and normal from April to August – a span usually called the summer slump in US sports betting – during which US bettors have fewer sporting events to wager on. But US sports betting is expected to see drastic changes in handles in September, the month of football season.
The legal sports betting states may start to see upward trends in handles as soon as August through preseason and early college football kickoffs. But the real activity will start in September with NFL kicking off its season.
Coloradans will have increased sports betting options this fall as Bally’s Corp in May launched its mobile app – Bally Bet – in the state. More recently, the Ute Mountain tribal casino, and added sports betting to its gambling portfolio.