Colorado sports betting handle and revenue rise in July

Colorado’s sports betting market continued to record growth in the month of July.

According to the latest figures from the Colorado Department of Revenue, bettors in the state wagered $59.2m on sports in July, up 55.4% from the $38.1m wagered in June.

Online accounted for the majority of betting activity, with bettors in the state of Colorado wagering $58.6m via online sportsbook, which is significantly more than the $585,815 wagered at land-based sportsbooks.

In terms of revenue, Colorado sportsbooks managed to generate $2.4m from betting operations which represents a slight increase on the $2.2m generated the month prior.

Online was the main source of income for sportsbook operators in the state. According to the figures, online channels generated $2.3m in revenue, while land-based sportsbooks accounted for just $164,238 of the state’s total revenue.

Sportsbook operators in the state paid a total of $241,867 in taxes in July.

What did people bet on in July?

Unlike other state reports, Colorado does not include individual operator figures, instead it breaks down betting activity across different sports.

Baseball was the most popular individual sports among Colorado bettors, with $9.2m in handle accounting for 15.6% of the state’s total bets in July following the start of the MLB season which had been delayed due to the coronavirus pandemic.

Bettors also wagered $7.6m on soccer events making it the second most popular single sport to bet on. Table tennis followed close behind with $5.1m in total bets, while bettors wagered $4.8m on golf events.

Basketball was the fifth most popular sport to bet on in July with bettors wagering $3.3m on basketball events.

“Other” sporting events, which includes the sporting events not mentioned in the report, accounted for $14.6m of the state’s total betting handle.

More sportsbooks preparing to launch

Colorado’s sports betting market could be set for significant growth in August and further down the line as several new operators have announced plans to launch sports betting operations in the state.

PlayUp, PointsBet and theScore Bet are among the sports betting brands rushing to launch in time for the start of the NFL season in Colorado. SportCaller, a free to play games provider, is also set to go live in the state after inking a deal with Betfred USA Sports.

Sports betting in Colorado

The Centennial State narrowly legalized sports betting in November 2019 after voters approved the sports betting measure through a referendum.

Like New Jersey, Pennsylvania and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines. When it comes to in-person wagering, only three towns in the state have been granted approval to offer in-person betting.

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