Colorado Sportsbooks routed the public on parlays in May

Last week, the Colorado Division of Gaming reported nearly $45 million in gross sports betting revenue for May 2024. The state saw a strong performance by sportsbooks for parlay wagers. Additionally, they had a total betting handle of $447.6 million. Up 16.2% from May 2023. That gave Colorado sportsbooks a 10.1% hold on the market. Colorado’s 10.1% was the second-highest in state history behind an 11.4% hold in September 2022. However, their overall betting handle was down 12.2% compared to the $509.5 million recorded in April. Despite that, revenue was still up 40.5% in May. 

In the US, there are a limited number of states that publish their handle for parlays and same-game parlays. Most times, Colorado finds itself as the outlier. The public usually wins when it comes to rates. However, the state had a 22.5% hold in May. They collected $20.9 million in winnings from a $93.1 million handle. That’s after bettors held Colorado to a sub-15% hold for the first four months of 2024. Their revenue haul in May 2024 was the third-largest in 49 months of Colorado having legal sports betting.

Where was Colorado the most profitable in sports betting other than parlays?

During May 2024, basketball revenue was up 57.4% compared to May 2023. Their total revenue was $7.9 million. Additionally, there was $147.5 million worth of wagers which represented an 18.9% increase. Colorado sportsbooks were able to exhale when the Nuggets and Avalanche were eliminated from playoff contention. Operators had $3.4 million in winnings from hockey wagers in May 2024. Nearly triple the total they had last year, good enough for a 14% hold on a $24.2 million handle. 

In Colorado, they love to bet on the niche sport of table tennis. Operators had nearly $1,2 million in winnings from a $13.9 million handle. Additionally, wagering on table tennis surpassed $400 million. The “catch-all”  collected $1.7 million from a $19.6 million handle. That was an 8.5% hold on the market. Baseball’s total revenue in May was $3.8 million, down 22.8% compared to May 2023. Finally. Colorado has seen their year-to-date figures go up. Their $2.68 billion handle through the first five months of 2024 is up 18.2% compared to last year.