CO Sports Betting Handle Crosses $500 Million For 8th Straight Month

Written By Hill Kerby on 05/31/2024
Someone holding a large sum of money

Colorado sports betting is thriving in every sense of the word, and April proved that once more.

Sportsbooks in Colorado accepted $509.5 million in wagers in April. That represents 21.9% growth from April 2023 ($417.8 million) and a 14.1% decrease from March 2024 ($593.1 million).

With these numbers, Colorado sports betting volume has eclipsed $500 million for eight months in a row. It has also reported year-over-year growth through all 10 months of Fiscal Year 2024.

Revenue surpasses $32 million despite low hold percentage

Since becoming legal in May 2020, the Colorado sports betting market has consistently outperformed other states with larger populations, like Maryland, Indiana, Tennessee, and Michigan.

Bettors have had their fair share of successful months since that time, too, and April was another one of those months. Monthly gross gaming revenue (GGR) totaled $32 million, resulting in a 6.3% hold. Retail sportsbooks took a $160,000 hit for the month, which cut into the state’s online sportsbooks’ $32.2 million in reported GGR.

With a lower handle and hold than March, April’s revenue dropped by 28.9% month over month and 8.9% year over year due to bettors’ strong monthly performance.

After factoring in deductions for federal excise taxes paid and free bets awarded, monthly net sports betting proceeds amounted to $19.3 million. The state taxes net proceeds at 10%, resulting in a $1.9 million monthly tax bill.

Baseball betting down, parlays and basketball up

Basketball predictably had the most wagers, a result of the NBA playoffs and the state’s hope for a deep run from the Denver Nuggets. That run ended well into May, meaning Coloradans had all of April to bet on their beloved team from the Mile High City.

Basketball wagers led the state, totaling $169.6 million, or roughly one-third of every dollar wagered in April. Parlays followed, also surpassing nine figures’ worth of action for the month.

Baseball was third, falling behind parlays after outperforming them handily a year ago. In fact, baseball was one of just two sports to experience year-over-year declines, presumably due to the Colorado Rockies having one of the worst records in Major League Baseball.

Hockey was the other sport with year-over-year declines, a regression to the mean. The Colorado Avalanche were the reigning champions a year ago, creating extra hype around the team.

SportApril 2024 HandleApril 2023 Handle% Change
Basketball$169.6 million$136.6 million24.1%
Parlays/Combinations$105.1 million$73.2 million43.7%
Baseball$85.9 million$88.4 million-2.9%
Tennis$32.5 million$20 million62.6%
Hockey$26.3 million$31 million-15.3%
Soccer$21 million$18.3 million15.1%
Table Tennis$13 million$6.6 million96.5%
Golf$11.7 million$10.4 million12.1%
NCAA Basketball$8.5 million$5.6 million50.7%
MMA$5.1 million$4.9 million2.4%

Sky is the limit for Colorado sportsbooks

The Colorado Department of Revenue’s April revenue report brings Fiscal Year 2024 sports betting volume above $5.22 billion. Two months remain in the fiscal year, meaning that number has a chance to grow beyond $6 billion.

May and June are two of the year’s slowest months, so it’s an outside chance for now. If sportsbooks fall short in FY 2024, they’ll almost certainly hit that number for the calendar year. The 2024 Colorado sports betting handle is $2.24 billion so far (+19%).

  • Fiscal Year 2023 handle: $5.17 billion (FY 2024 has already surpassed this)
  • Calendar Year 2023 handle: $5.56 billion
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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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