The hottest months of the year are the coolest for sports betting, a fact even in Colorado with its mild summers.
Colorado sports betting volume was $350.4 million in June, the lowest total since last August’s $306.1 million.
June’s handle declined 21.7% from May’s $447.6 million, ending an eight-month streak of handles above $500 million for Colorado sportsbooks. It was 12.8% better than June 2023 ($310.6 million).
Gross gaming revenue totaled $28.2 million, the second-lowest total in 2024. It was a 37.3% drop from May’s $45 million but more than triple June 2023’s $9.2 million, a clear outlier resulting from a 3% hold.
Baseball, parlays drive June’s action
June is typically a down month as the basketball and hockey seasons move into the rearview and leave baseball in the foreground. And when it comes to baseball, the Rockies have done no favors for Colorado sports betting all year.
Still, baseball accounted for the most wagers in June ($104.5 million). It was $35,000 less than a year ago.
Parlays and four other sports had eight-figure handles.
- Baseball: $104.5 million (-0.0% YoY from $104.5 million)
- Parlays: $73.1 million (+4.9% YoY from $69.7 million)
- Basketball: $59.2 million (+2.3% YoY from $57.9 million)
- Soccer: $27.7 million (+232% YoY from $11.9 million)
- Tennis: $26.5 million (+11.7% from $23.7 million)
- Table tennis: $15.1 million (+93.1% YoY from $7.8 million)
While baseball had the highest betting volume, parlays provided the highest revenue by a wide margin.
- Parlays: $8.8 million
- Baseball: $5.6 million
- Basketball: $3.9 million
- Soccer: $3.1 million
- Tennis: $2.3 million
- Table tennis: $1.1 million
FY 2024 ends with growth every month
June marks the end of Fiscal Year 2024, a period in which Colorado sportsbooks reported year-over-year growth in handle through all 12 months.
- Handle: $6.01 billion (+16.2% YoY from $5.18 billion)
- Revenue: $441.7 million (+12.4% YoY from $392.8 million)
- Taxes: $30.5 million (+19% YoY from $25.6 million)
Despite the double-digit gains across the board, just seven months produced yearly revenue gains. However, revenue depends on bettors’ wins or losses. Monthly handle grew by double digits in eight of the last 12 months.
Sports betting revenue over the last two fiscal years
| Month | FY 2023-24 | FY 2022-23 | % Gain |
|---|---|---|---|
| July | $281.1 million | $258.4 million | 8.8% |
| August | $306.1 million | $290.1 million | 5.5% |
| September | $512.8 million | $450.2 million | 13.9% |
| October | $554.9 million | $526.6 million | 5.4% |
| November | $608.5 million | $552.6 million | 10.1% |
| December | $716.4 million | $518.1 million | 38.3% |
| January | $596.7 million | $547.2 million | 9.0% |
| February | $537 million | $425.1 million | 26.3% |
| March | $593.1 million | $494.4 million | 20.0% |
| April | $509.5 million | $417.8 million | 21.9% |
| May | $447.6 million | $385.2 million | 16.2% |
| June | $350.4 million | $310.7 million | 12.8% |
| Total | $6.01 billion | $5.18 billion | 16.2% |
FY 2025 begins with two operators leaving, two more soon to enter
While Colorado’s sports betting landscape continues to grow, the same can’t be said for the number of successful sports betting apps in the state.
Colorado offered more than two dozen sportsbooks at the start of 2023. The market’s competitive nature led to multiple operators shutting down over the last 18 months, and two more joined the list of shuttered sportsbooks in July: Betway and Superbook.
As a result, 17 operators now remain in Colorado. Others to close since June 2023 include:
- Tipico Sportsbook
- WynnBet
- Elite Sportsbook
- PlayUp Sportsbook
- Maverick Sportsbook
- Sky Ute Sportsbook
The Colorado Department of Revenue does not provide individual operators’ sports betting revenue totals. However, based on their exits from the market, it can be inferred that all of the operators were smaller players in the industry.
That said, two operators plan to enter the market later this year.
- Novig, which was open in Colorado for a few months earlier this year
- Betr, which also received licensure in Maryland in June and plans to launch in multiple states this summer. Betr is live in Ohio and Virginia and is the smallest operator in both states. It closed in Massachusetts after a one-year stint.
