Colorado sportsbooks see revenue increase

Huge Jump in June Betting Revenue Sports Betting

Huge Jump in June Betting Revenue for Sportsbooks in Colorado

By Blake Roberts Founder & Editor in Chief Updated: 05 August 2024

Blake Roberts Founder & Editor in Chief

Blake Roberts is the founder of Betting.US and is currently heading the creative team as Editor in Chief. Born and raised in Morgantown, West Virginia, Blake is a great sports fan, with football and basketball being his favorite. He’s our trusted voice for all betting-related matters.

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Recently released figures have shown that there was a huge jump in sports betting revenue in Colorado for the month of June. The data was released by the Colorado Department of Revenue, with figures showing that operators enjoyed huge year-on-year increases. It was reported that there was $28.2 million in gross sports betting revenue for the month.

This figure is more than three times the amount seen during the same month last year, which stood at $9.2 million. In 2023, operators found themselves paying out huge amounts on winning futures tickets following the Denver Nuggets victory when they claimed their first NBA title.

This year, operators enjoyed a boost stemming from the College World Series, with sportsbooks bringing in close to $1.2 million from college baseball bets based on an 80 percent hold.

Most Bets Made via Apps

The figures also showed that the handle for June was 12.8 percent higher than the same month last year, standing at $350.4 million, although it was 21.7 percent lower than May. According to the figures, the vast majority of bets were made via mobile sports betting apps. Only $1.5 million of the total came from offline betting.

Data showed that the hold on gross revenue came in at just over 8 percent, which was 5 percent higher than the same period last year but was 2 percent lower than in May.

In addition, the state benefitted from the increased sports betting activity, and over $19 million of adjusted gross revenue was taxed. This meant that the state raked in $1.8 million to boost state coffers for the month.

In the first six months of this year, the state has collected over $15 million in taxes from sports betting, which is over $3 million more than the first six months of 2023.

The state’s success for the month was put down largely to an impressive NBA swing, with operators winning close to $4 million this year compared to $10.8 million in losses last year.

It was revealed that sportsbooks enjoyed an impressive eight times more revenue from the College World Series in 2024 compared to the previous year.

Events such as the European Championship also helped sportsbook operators in the state to enjoy success in June. Data showed that revenue from table tennis also contributed to the success of operators, with revenue from this sport reaching seven figures for the third time in four months.

Solid Growth for the State

Figures also revealed that the state has seen solid growth in terms of its sports betting industry. It has become the ninth state to break the $3 billion barrier in handle in 2024, and betting activity increased by 17.6 percent in the first half of the year compared to the first half of last year.

Former ESPN writer, Chris Altruda, wrote,

Adjusted revenue is up 28.4% to $153.8 million, boosted by the state collecting $17.2 million above last June’s total of nearly $2 million. That accounts for more than half the $34 million more in AGR reported for the first six months of 2024.

Data also showed that gross revenue climbed by 27.6 percent to $229.5 million, and hold also increased, standing at 7.6 percent.