Colorado sports betting handle was down in July, marking the fourth consecutive month of decline. However, revenue was up from June, indicating that sportsbooks and are still getting something. Let’s take a closer look at the numbers and see what this means for the Colorado gambling market.
Colorado Sports Betting Handle Declines Again
The decline in Colorado’s sports betting handle has been gradual but noticeable. July was the fourth month this year where their wagering numbers have dipped below $258 million, which is a 17% decrease from June and far less than what they were earning just two years ago when sportsbooks could make upwards of $300+ million monthly.
Online sports betting accounts for $256.45 million or 99% of the total amount wagered. This is a staggering amount of money and it’s only going to grow as more and more people get involved in online sports betting due to being convenient.
Baseball was the top sport in July for Colorado with a $110.61 million handle followed by tennis and basketball with $24.38 million and $23.4 million, respectively. It is also noticeable that Colorado sports bettors love Parlays/Combinations as they wagered $55.81 million or more than 21% of the total handle.
Sports betting Revenue and Taxes Increase
Despite the continues fall in terms of amount wagered in the state, the Colorado sports betting industry had an impressive growth in terms of revenue and taxes. In July 2022, gross gaming revenue was at $20 million which represents a 205% month-on-monthly increase and 32%. Online contributions to this total were 14%, accounting for 68 percent of total market activity.
This results in a massive 8.1% hold, well above the 2.2% recorded hold rate last June and a 6.2% average all-time hold in the Centennial State.
Moreover, the state collected almost $1.1 million in taxes which is significantly above the $270K taxes collected by the state last month.