The peak of summer often brings a decline in sports betting activity, a trend evident even in Colorado’s mild climate. In June, the state recorded a betting volume of $350.4 million, marking the lowest total since August of last year, which saw $306.1 million in wagers. This figure reflects a significant drop of 21.7% from May’s $447.6 million, breaking an eight-month streak where handles exceeded $500 million. However, June’s numbers still showed a 12.8% increase compared to the same month in 2023, which had a handle of $310.6 million.
Gross gaming revenue for June amounted to $28.2 million, making it the second-lowest figure of 2024. This represents a steep decline of 37.3% from May’s $45 million, though it more than tripled June 2023’s revenue of $9.2 million, which was an anomaly due to a 3% hold.
Baseball and Parlays Dominate June Betting
June is typically a quieter month for sports betting as the basketball and hockey seasons wrap up, leaving baseball to take center stage. In this case, the Colorado Rockies did not help boost local betting figures throughout the year. Nonetheless, baseball attracted the highest volume of bets in June, totaling $104.5 million, virtually unchanged from the previous year.
Parlays and several other sports also contributed significantly to the overall handle, with notable figures including:
- Baseball: $104.5 million (unchanged YoY)
- Parlays: $73.1 million (+4.9% YoY)
- Basketball: $59.2 million (+2.3% YoY)
- Soccer: $27.7 million (+232% YoY)
- Tennis: $26.5 million (+11.7% YoY)
- Table Tennis: $15.1 million (+93.1% YoY)
While baseball generated the most bets, parlays outperformed in revenue, contributing $8.8 million compared to baseball’s $5.6 million.
A Year of Growth Concludes
June also marked the end of Fiscal Year 2024, during which Colorado sportsbooks enjoyed consistent year-over-year growth in betting handle. Key statistics for the fiscal year included:
- Total Handle: $6.01 billion (+16.2% YoY)
- Total Revenue: $441.7 million (+12.4% YoY)
- Taxes Collected: $30.5 million (+19% YoY)
Despite these gains, only seven months recorded revenue increases, highlighting the dependency on bettors’ performance. However, the overall handle grew by double digits in eight out of the last twelve months.
Market Changes Ahead
As Colorado’s sports betting market evolves, it faces challenges with the number of operational sportsbooks. Starting 2023 with over two dozen options, the competitive landscape has led to the exit of several operators in the past 18 months, including Betway and Superbook in July, leaving just 17 operators in the state. Other closures since June 2023 include Tipico Sportsbook, WynnBet, and more.
The Colorado Department of Revenue does not disclose revenue figures for individual sportsbooks, but the recent exits indicate that these were smaller players in the market. However, two new operators are set to enter later this year: Novig and Betr, which has also launched in other states and is known for being the smallest operator in its markets.
Sourse : https://www.playcolorado.com/june-2024-colorado-sports-betting-revenue/
