Colorado sportsbooks saw an increase in handle, revenue, and taxes paid to the state in July when compared to the same month last year, according to the state’s Department of Revenue.
The agency’s latest report shows Colorado sportsbooks took in 14% more bets than in July 2023, while payments to the state jumped by 33.2%. Online betting operators contributed $2.4 million to the state in taxes, while bettors wagered a combined $320.2 million during the month.
Meanwhile, net sports betting proceeds (the term used by the department to identify operator revenue) amounted to $25 million, up from $19.1 million in July 2023. Online platforms accounted for the lion’s share of that NSBP at $24.8 million, while retail sportsbooks accounted for just $175,009.
However, while all major indicators were up on a yearly basis, the figures were mixed when paired against June 2024. While taxes paid to the state jumped by 30.4% and operator revenue was up from June’s 19.2%, handle decreased by 8.6% on a monthly basis.
Lastly, adding to the increases all across the board, Colorado operators also saw a solid month for hold, posting their second double-digit hold this year. Online and retail bookmakers combined to keep 10.2% of wagers, up from June’s 8.1%. Their last double-digit hold before that was 10.1% in May
Baseball the preferred wagering option
The Colorado regulator also broke down July’s sports wagering activity by sports. Baseball betting led in all categories with $94.6 million in wagers, followed by parlays as the next biggest category, with $64 million wagered.
Next on the list were basketball with $55.8 million in bets, tennis ($34.9 million), soccer ($28.2 million), and table tennis ($14 million). While the spike in tennis activity was driven by Wimbledon, played in the first half of July, soccer saw an increase in bets attributable to CONMEBOL Copa America and UEFA Euro tournaments, also held that month.