Colorado Sports Wagering Handle Drops To $181.3 Million For July

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Keeping in line with nationwide numbers, the Colorado Department of Revenue’s Division of Gaming reported a sizable drop in July sports betting handle Thursday.

July’s handle of $181.3 million is 21.1% lower than June’s figure of nearly $229.8 million and marked the first time since August 2020 that handle was below $200 million. July’s handle also left the Centennial State less than $16 million shy of becoming the sixth state to reach $3 billion in the post-PASPA era, along with New Jersey, Nevada, Pennsylvania, Illinois, and Indiana.

The sharp decline in handle has occurred in nearly every state in July, as the month doesn’t offer much in the way of marquee wagering events. With only Illinois and Delaware left to report July figures, the $2.43 billion wagered in the 18 states and jurisdictions that have made their figures public is 24.1% lower than in June.

Operator win rate in Colorado ticked slightly higher to 8.63%, as gross gaming revenue dropped 20.7% to nearly $15.7 million. Non-taxable promotional revenue also continued to the decline, as the slightly more than $6 million reported by operators was the lowest of the year and represented 38.7% of all sportsbook revenue — the first time it fell below 40% since June 2020.

The nearly $9.6 million in adjusted gaming revenue resulted in just shy of $1 million in tax receipts. The Department of Revenue has collected nearly $6.5 million in taxes from sports betting this year and close to $9.5 million since launch in May 2020.

Colorado’s Division of Gaming does not break out handle and revenue by operator, but mobile wagering accounted for 98.8% of the handle and nearly 98.5% of gross gaming revenue.

Baseball the primary driver of handle and revenue

As would be expected in July, wagering on baseball proved to be the primary interest of Colorado bettors. The over $61 million wagered mark the fourth consecutive record month for handle, and the nearly $5.2 million in revenue was nearly three times June’s total of close to $1.9 million, as the house’s win rate surged more than five full percentage points from 3.45% to 8.48%.

Parlay wagering finished second in both categories, though the nearly $3.33 million collected by operators was 38.3% lower than June’s haul of $5.4 million. The win rate of 10.81% on such wagers was the lowest recorded in any month since Colorado launched sports betting and well off the lifetime hold of 15.63% on more than $491 million wagered.

Pro basketball was the only other category where operators reached seven figures in revenue, winning nearly $2.3 million on close to $27.2 million wagered. The 8.33% hold in hoops was close to three full percentage points higher compared to June.

Table tennis remains a popular draw, ranking fifth in handle with nearly $8.7 million worth of wagers. The 9% win rate was the highest in any month recorded by operators, while the $779,435 in revenue ranked third all-time. Overall, Colorado’s handle for the niche sport is nearly $127.6 million.

Wagering on the European Championship contributed to a second consecutive eight-figure handle for soccer, with bets finishing less than $800 shy of $14 million — an all-time monthly best. That was enough to send soccer’s lifetime handle over $100 million.

Bettors made a strong turnaround in golf wagering, nearly breaking even on $5.3 million worth of bets, as the house collected less than $77,000 and posted a 1.46% win rate after raking in nearly $865,000 and posting a 14.6% hold in June.

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest.

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