Colorado Sportsbooks Report 43% Revenue Growth In May

Written By Hill Kerby on 07/02/2024 - Last Updated on July 3, 2024
A steep upward sloping graph

The Centennial State continues to produce record sports betting numbers in 2024.

Colorado sports bettors wagered $447.6 million in May, a 16.2% year-over-year increase. It was 12.2% less than April 2024’s $509.5 million handle, a direct result of fewer sporting events on the calendar in May.

Despite the monthly drop in handle, snapping a streak of eight consecutive months with at least a $500 million handle, Colorado sports betting revenue increased significantly. Monthly revenue totaled just shy of $45 million, 43.3% better than May 2023 and a 40.5% boost from April 2024.

Numbers up in a down month

Given the seasonality of professional sports leagues, it’s unrealistic to expect Colorado sports betting to produce the same volume of wagers in May as most other months of the year. Typically, May, June, July and August represent the slowest months on the calendar.

Still, betting volume continues to grow hand-over-fist year after year since the state’s first sportsbooks launched on May 1, 2020. That first month, the state reported $25.6 million in wagers and $2.6 million in revenue. Since then, they’ve posted the following numbers each May:

  • May 2020: $25.6 million handle; $2.6 million revenue (10% hold)
  • May 2021: $249 million handle; $15.1 million revenue (6.1% hold)
  • May 2022: $360.3 million handle; $27.1 million revenue (7.5% hold)
  • May 2023: $385.2 million handle; $31.4 million revenue (8.2% hold)
  • May 2024: $447.6 million handle; $45 million revenue (10.1% hold)

May’s 10.1% hold was only the third time in state history that sportsbooks reported a double-digit hold. It directly impacted the impressive revenue totals for the better, bringing comparable numbers to those posted during football season last year.

Baseball does Coloradans no favors

Coloradans pride themselves on a culture of winning sports teams throughout history. Although the Broncos have struggled recently, the team’s storied history more than speaks for itself. 

Across I-25 from Mile High, the Nuggets and Avalanche have each celebrated world championships this decade.

Then, you have the Rockies, who have not fielded a serious team since 2018. Denver’s (and Colorado’s) loyal following stuck with the team for a while, but attendance has fallen steadily year over year. In 2019, the Rockies ranked sixth in MLB attendance. In 2024, the team is 16th.

Unsurprisingly, baseball’s sports betting volume has not grown. Baseball accounted for 20.6% of May’s wagers, totaling $92.3 million. This was only 0.7% more than May 2023’s $91.7 million, representing 23.8% of that month’s wagers.

Basketball and parlays combined for 53.8% of Colorado wagers in May. Basketball ($147.5 million) grew by 18.9% year over year (from $124.1 million), and parlays ($93.1 million) grew by 42.5% year over year (from $65.3 million).

Four other sports had at least $10 million wagered in May:

  • Tennis: $25 million (-10.9% YoY from $28.6 million)
  • Ice Hockey: $24.2 million (+65.9% YoY from $14.6 million)
  • Soccer: $18.5 million (+2.9% YoY from $17.9 million)
  • Table Tennis: $13.9 million (+50.3% YoY from 9.3 million)

CO sportsbooks look to go 12-for-12 in record FY 2024

With May’s numbers in the books, Colorado sportsbooks have reported year-over-year handle gains through all 11 months of Fiscal Year 2024. It will go a perfect 12-for-12 as long as June’s handle exceeds $310.7 million.

The state’s sportsbooks have already accepted $5.66 billion in wagers for the fiscal year, well ahead of last year’s $5.18 billion (including June 2023). That has resulted in $413.5 million in revenue, surpassing FY 2023’s $392.8 million total.

This has also produced $28.6 million in state taxes for FY 2024, a number that could surpass $30 million after June. The majority of that money goes to the Colorado Water Plan.

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Hill Kerby

Hill Kerby is a proponent of safe, legal betting, and is grateful to be able to contribute to growing the industry. He has a background in poker, sports, and psychology, all of which he incorporates into his writing.

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