Colorado Sportsbooks Report Huge Year-Over-Year Revenue Increases in June

As has been typical with most states this time of year, this week’s Colorado Division of Gaming June revenue report featured a nice mix of good and bad news.

Colorado sports betting saw massive year-over-year increases in gross revenues compared to June 2023, while experiencing a sizable drop in month-over-month profits.

Centennial State sports betting providers can thank the unfortunate early departure of the Denver Nuggets from the NBA playoffs for the year-over-year turnaround in sportsbook revenues. The Nuggets’ 2023 NBA Championship title was a major drain on Colorado sportsbooks as fans of the team cashed on both futures bets and individual game wagers of their home-state franchise.

Colorado celebrates $350.4 million in June handle

Sports betting activity in Colorado fell month-over-month but jumped year-over-year in June. Bettors in the Centennial State spent a total of $350.4 million with Colorado sports betting apps and the state’s retail providers during the month.

The figure represents a 21.7% month-over-month decline from the nearly $447.6 million spent in May. It is, however, a 12.8% increase from the $310.6 million from June 2023.

Colorado sports betting sites were responsible for $348.9 million of the state’s June total. Retail providers accounted for the remaining $1.5 million.

Thanks to June’s haul, Colorado sportsbooks have now taken in over $3 billion this year, becoming the ninth state in the U.S. to do so. Wagering activity through the first six months of 2024 is up 17.6% year-over-year.

Staggering revenue increases compared to last year

Revenues for Colorado sportsbooks dramatically increased year-over-year even though they dropped significantly month-over-month. Gross revenues dropped over 37% month-over-month in June from nearly $45 million in May to $28.2 million in June.

However, $28.2 million does represent an incredible 206.5% year-over-year revenue increase from just $9.2 million in June 2023 when the Denver Nuggets NBA Championship and a 3% hold proved to be a major drag on sportsbook profits.

Gross revenue for the year stood at $229.5 million after June’s totals were added in. That figure is a 27.6% improvement from the figures through the first six months of 2023.

Net revenues rose a staggering 875% year-over-year, from $1.97 million in June 2023 to $19.2 in June 2024. Adjusted revenues, or net profits, through the first six months of this year are up 28.4% to $153.8 million.

Colorado's sportsbook win rate clocked in at 8.1% in June 2024, up from 3% in June 2023, but down month-over-month from 10.1% in May.

Colorado operators paid out $1.8 million in taxes for the month, taking the year-to-date tax total to $15.2 million – More than $3 million ahead of last year. The $1.8 million is a 311% year-over-year monthly increase but a 43% month-over-month decline.

Baseball betting dominates

Baseball betting predictably dominated the wagering conversation in June, accounting for almost double the handle of any other sport during the month.

Baseball made up $104.1 million of the state’s overall $350.4 million June handle, and generated $5.6 million in revenue.

Basketball, which proved to be a major anchor on Colorado’s best sports betting sites last year, bounced back in June 2024 with a $59.2 million handle and $3.9 million in revenue. Colorado sportsbooks paid out a whopping $10.8 million in June 2023.

Soccer was buoyed by Euro 2024 and the Copa America tournament, which likely resulted in heavy activity centered around Colorado sportsbook promos. "The Beautiful Game" brought in $27.7 million in wagers for Colorado sportsbooks, along with $3.1 million in revenues.

Tennis drew $26.6 million in June bets and $2.3 million in revenues while table tennis continued to be a major draw in the Centennial State with $15.1 million in June bets and $1.1 million in profits.