In June, Colorado sports betting revenue hit $28.2 million

On Monday, the Colorado Department of Revenue reported $28.2 million in gross sports betting revenue for June. That is triple the $9.2 million in revenue that Colorado had in June 2023. Many sportsbooks in the state had to pay out futures last year when the Denver Nuggets won the NBA Finals. However, Colorado sportsbook operators got a boost in revenue from the College World Series. They collected $1.2 million in wagers from an outstanding 80% hold. Colorado Sportsbooks’ overall handle was 12.8% higher compared to the $350.4 million they saw last year. Additionally, that was down 21.7% from May. Only $1.5 million of the total wagers accepted were not from sports betting apps. Finally, Colorado’s $15.2 million in taxes collected during the first six months of 2024 is $3 ahead of last year’s pace.

Where did Colorado sportsbooks see all their revenue come from in June?

In June, Colorado sportsbooks had $14.7 million more in revenue compared to June 2023. Last year, sportsbooks were paying out $10.8 million above the $57.9 million in accepted wagers. This June, operators won $3.9 million with a 6.6% hold on a $59.2 million handle. Additionally, the College World Series generated eight times more revenue for Colorado sportsbooks in 2024 than it did in 2023. Their betting handle from CWS in June was the third straight year wagering on college baseball cleared $1 million. They had a 16.1% hold on $1.5 million in total handle. The European Championship was also highly profitable for Colorado sportsbooks who posted an 11.3% win rate by claiming $3.1 million from $27.7 million in accepted wagers. 

Revenue from table tennis hit seven figures for the third time in four months at $1.1 million in June. Colorado sportsbooks saw a record $15.1 million be wagered on table tennis. The $80.2 million handle through the first six months of 2024 is 72% of the $111 million total handle they had in 2023. Colorado is the ninth state this year to surpass a $3 billion handle.