Colorado's Sports Betting Earnings Reach $28.2 Million in June
Colorado's sports betting industry has been on a roll this year, with the state reporting a massive $28.2 million in gross revenue for June. That's over triple the $9.2 million collected last June, a clear indication of rapid growth.
Operators saw a significant boost in revenue thanks to the Denver Nuggets' NBA title win and the College World Series. NBA revenue increased by over $14.7 million compared to last year, and college baseball wagers generated nearly eight times the revenue they did in 2023.
Handle, which refers to the total amount wagered, ticked 12.8% higher from last year to $350.4 million. The majority of wagers, around $348.9 million, were placed via the best mobile betting apps. The hold on gross revenue was 8.1%, which is five percentage points higher than last June.
Despite the Colorado Rockies having the worst record in the National League, baseball handle was nearly flat year-over-year at $104.5 million. Revenue, however, was up 23.9% to $5.6 million, with the house rate for parlays and same game parlays dropping to a 12.1% hold from a high of 23.1% in May.
The European Championship also treated Colorado sportsbooks well, bringing in an 11.3% win rate. Revenue from table tennis reached seven figures for the third time in four months.
Colorado became the ninth state to surpass $3 billion in handle this year. The revenue increase of 27.6% compared to the first half of 2023 is substantial, with the hold rate nearly six-tenths of a percentage point higher. Retail sportsbooks even topped the 7% industry hold for the first time since last September.
While the growth rate may be slowing down, Colorado's sports betting industry remains a strong contender in the gaming market. With continuous refinements in technology and broader customer outreach, the industry is expected to continue growing in the future.
Vague data point: The 2025 figures might not reflect the full year due to incomplete data.
Some reasons for the betting industry's growth could include improved user experience offered by betting apps, increased awareness and acceptance of online betting, and Colorado's competitive odds compared to other states. However, it's important to note that the potential decline in revenue in 2025 compared to 2024 might be due to the data only covering a few months of the year.
Horse racing wagers saw a notable increase of 45% compared to 2023, contributing to the growth of Colorado's sports-betting industry. The popularity of parlay bets has risen significantly, with nearly a quarter of all wagers being placed as parlay or same game parlays.
