July was not the greatest month for sportsbook operators in Colorado, but it was a dramatic improvement over the terrible month that preceded it.
Gross gaming revenue from sports betting in July was an incredible $15.8 million more than it was in June, a 171% increase. July revenue was just under $25 million. What was a source of sadness for bettors after winning so much in June, improved gross gaming revenue in July meant significantly more money for the state.
Thanks to nearly $105 million wagered on baseball in July, the total sports wagering handle ended up just past $281 million. Once the month was all said and done, the total taxes paid to the state reached almost $1.8 million.
June proves to be an outlier for Colorado sports betting
The robust Colorado online sports betting market is in the top five of states across the nation. There’s a plethora of sportsbook choices for players as well as incredible promotions and bonuses available to Colorado customers.
The nearly $25 million of gross gaming revenue (GGR) in July was a big boon for sportsbooks and the state of Colorado compared to the month prior. June sports betting GGR was shocking when compared to other months of sports wagering in 2023.
- January: $35.5 million
- February: $22.6 million
- March: $46 million
- April: $35.1 million
- May: $31.4 million
- June: $9.2 million
- July: $25 million
Clearly, one of those is not like the rest. The reason June had such a low GGR was because bettors won so often. In 2023, the total win percentage for sportsbook operators has fluctuated between 6% and 9%. July, for example, had a total win percentage of 8.88%.
In June, the total win percentage for sportsbooks was just 2.97%. Bettors won $298.3 million from the $310.6 million wagered. When bettors win, sportsbooks generate less revenue. And when sportsbooks have less GGR, less taxes are paid to the state.
All those numbers were corrected in July. The total amount wagered slipped to $281.1 million, but the total win percentage was 5.9% better for sportsbook operators. That meant the total taxes increased significantly from under $442,000 in June.
Vast majority of sports betting in Colorado is done online
As usual for Colorado, the vast majority of bets in July came through online sportsbooks. Just under $280 million was wagered on sports online, which led to $24.8 million in revenue.
July retail sports betting saw a bit more than $1.7 million in total handle, which resulted to under $145,000 in revenue. It accounted for less than 1% of the total handle.
July’s nearly $25 million of GGR has brought the 2023 total up to nearly $205 million, which has generated nearly $14 million in tax contributions.
Most of the tax revenue from sports betting in Colorado goes to the Colorado Water Plan, which has a goal of finding solutions to the water issues in the state. Another smaller portion is directed toward problem gambling initiatives.
MLB led the way in CO sports betting
Baseball without a doubt led the way in July in virtually every category when looking at how each sport performed for Colorado sports betting.
Baseball had the most retail sports betting handle at nearly $913,000. It also had the most online wagers, with just under $104 million of bets placed.
Baseball alone accounted for a massive 37.3% of all online wagers placed. Naturally, that means the nearly $105 million of total bets on baseball also led the state. Bettors won $98 million of those bets on baseball in total.
The reason for baseball’s July supremacy is the lack of other sports to wager on. Still, the $281.1 million in July bets was the lowest handle in 2023 for Colorado so far. The odds are that July will more than likely hold that title in 2023.
Here are all sports wagered on in Colorado during the month of July:
- Baseball: $104.8 million
- Parlay/combination bets: $44.8 million
- Basketball: $34.5 million
- Tennis: $33.9 million
- Table Tennis: $12.2 million
- Golf: $7.6 million
- MMA: $5.7 million
- American football: $1.8 million
- Boxing: $1 million
- Motorsports: $827,000