Colorado’s July Sports Betting Numbers In: Handle Down, But Hold Is Up

Article ByDavid Weir

September 13, 2023

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Posted in: Colorado Gambling News, US Gambling News, US Sports Betting News

Colorado’s sports bettors wagered far less in July than June, with a total betting handle of $281.4 million. That’s according to the latest numbers from the Colorado Division of Gaming (CDG). That overall handle is down 6.5% from June’s $310 million, marking a significant month-over-month decrease.

However, while the handle experienced a dip, Colorado sportsbook total revenues for the month were $24.9 million. That’s a commendable 24.3% increase from June’s $9 million.

That’s a good return to form for the operators, as June saw the state’s Denver Nuggets go on an upset run to the NBA Championship title – meaning Colorado bettors took the state’s sportsbooks to the cleaners wagering on their home favorite. That’s to the tune of nearly $11 million lost by the ‘books on basketball betting.

Similarly, Colorado retail sportsbooks bounced back to profitability in July. In June retail operators made a collective loss of $674,000 for the month, but July’s figures show a much improved $144,000 in revenue.

The state of Colorado benefited from the increased revenues. The taxes collected from sports betting operations amounted to $1.77 million in July, up from June’s $441,000.

Mobile Betting Dominates

The CDG does not release individual operator statistics. However, it does show the breakdown per sport market, and between online and retail.

As reflected across the U.S., the convenience and accessibility of online and mobile sports betting saw Colorado online sportsbooks remain the popular choice for state’s bettors.

Of the total handle in July, $279 million, or 97.5%, came from online betting.

In terms of sports preferences, baseball emerged as the top choice for bettors in Colorado in July. The sport accounted for $104.8 million from the total handle. That makes sense, as the MLB is the only major U.S. sports league season running during the month.

Basketball was a distant second after the NBA season ended, despite bettor’s successes in June. It accounted for $43 million in wagers.

Colorado bettors placed $44 million in parlay wagers across the month. To show just how popular these multi-bet combinations are, that was more than double all the single bets on soccer combined.

Year-over-Year Growth Remains Strong

While the month-over-month figures showed some fluctuations, the year-over-year numbers painted a brighter picture. Comparing July 2023 to July 2022, the handle saw a robust growth of 8.8%.

That’s also during a traditional quite period for U.S. sports betting, so there may well be an even bigger year-on-year rise in August’s numbers, as the country prepared for the NFL season kickoff.

Looking ahead, expect to see a big bump in September’s figures, too. The Colorado Buffaloes of the University of Boulder were one of the most bet-on sports teams in the country over the opening weekend of the NFL season.

Last season, the NCAA Division I team had one of the worst records in the league. But the appointment of NFL and MLB legend and two-time NCAA title-winning coach Deion Sanders has bettors and fans excited about the prospects for their college football season.