Colorado Post Improved Sports Betting Figures For June

Colorado in June saw a rise with gross gaming revenue (GGR) hitting 206.5% compared to the same period last year. Helped by a significant 12.8% year-over-year increase in the total amount wagered, along with an improvement in the hold percentage.

According to data released by the Colorado Division of Gaming, the state’s sportsbooks processed $350.4 million in wagers during June. Online betting platforms accounted for a lion’s share of this handle, generating $348.9 million, while retail sportsbooks contributed $1.5 million to the overall figure.

While traditional sports like baseball ($104.5 million) and basketball ($59.2 million) maintained their dominance in terms of handle, the month of June witnessed a surge in soccer betting. The amounts wagered on soccer more than doubled, reaching $27.6 million, helped by events like the Copa América and the Euros Finals.

Interestingly, table tennis also experienced a significant uptick, with wagers totalling $15.1 million.

After paying out $322.2 million in winnings, Colorado’s sportsbooks recorded a gross gaming revenue of $28.2 million for June, translating to a 8.05% hold. This compared to the previous year’s performance, where a hold of just 2.97% yielded  $9.2 million in GGR.

Once free bets and federal taxes were accounted for, the net proceeds from sports betting revenue for June amounted to $19.2 million, an increase from the $1.97 million reported in the prior year. The revenue stream proved to be a help for the state’s coffers, with the Colorado Department of Revenue collecting $1.8 million in tax revenue from the 10% levy on net proceeds.

Online sportsbooks contributed the vast majority of this tax revenue, with retail betting, while still a significant component, accounted for a comparatively modest $7,130 in taxes.