Colorado’s Sports Betting Tops $372 Million In August

The Colorado sports betting industry has released the latest figures from the state’s Division of Gaming with August 2024, the total sports betting handle in the Centennial State reached $372 million, representing a 21% increase compared to the same month the previous year. This rise in betting activity can be attributed to the growing popularity of professional and collegiate football, as well as the continued efforts of Colorado’s sportsbook operators to provide a diverse and engaging betting experience for their customers.

The $372 million sports betting handle recorded in August 2024 marks a significant milestone for Colorado’s burgeoning sports gambling market. This figure not only represents a 21% increase from the $306 million handle reported in August 2023 but also exceeds the $320.4 million handle reported in July 2024 by a substantial 16.2%.

As the sports betting landscape in Colorado continues to evolve, the data reveals the specific sports that have captured the attention of the state’s sports enthusiasts. In August 2023, the top five sports ranked by total wagers placed were:

1. Football (NFL and College): The return of the NFL regular season and the excitement surrounding college football, including the “Coach Prime” effect at the University of Colorado, have fueled a surge in football-related betting. According to the reference, pro football wagers more than doubled from the previous year, reaching nearly $29.6 million, while college football betting more than doubled to almost $14 million.
2. Baseball: Despite a slight dip in the hold rate compared to July, baseball remained a popular betting option, generating $4.2 million in house winnings for Colorado sportsbooks.
3. Tennis: The tennis category emerged as a significant contributor, with sportsbooks claiming $2.9 million in revenue from a $39.3 million handle and a 7.4% hold.
4. Basketball: While the NBA and NCAA basketball seasons were not in full swing during August, the sport still managed to generate $1.9 million in revenue for Colorado’s sportsbook operators.
5. Soccer: Rounding out the top five sports was soccer, which accounted for $1.8 million in revenue for the state’s sportsbooks.

The impressive sports betting figures in Colorado have translated into substantial revenue for both sportsbook operators and the state government. Operators in the Centennial State enjoyed an 8.9% hold in August 2024, generating $33.2 million in gross sports betting revenue. This represents a 28.3% increase compared to the same month in the previous year, although the win rate was 1.2 percentage points lower than in July.

The strong operator performance has also benefited the state’s coffers. Colorado imposes a 10% tax on the sports betting proceeds of retail and online casinos, and in August, the state was eligible to levy taxes on $24.5 million in adjusted gross revenue, redirecting nearly $2.4 million into its coffers. This brings the total state tax revenue from sports betting in 2024 to almost $20 million, a $4.2 million increase compared to the same period in the previous year.

The first eight months of 2024 have been particularly fruitful for Colorado’s sports betting industry. The $295.3 million in gross revenue generated during this period represents a 28% increase from the same timeframe in 2022, outpacing the 17.7% rise in the overall handle, which reached $3.73 billion. This suggests that sportsbook operators in the state have been able to maintain a healthy hold rate, with the year-to-date hold increasing by almost two-thirds of a percentage point to 7.9%.