Colorado sports betting numbers this June are much better than the same period last year. The year-over-year spike in handle is at 12.8%, and revenue is at 206%. By taking a closer look at their latest numbers, we will help you understand the trends in sports betting in the state. And when you open a sportsbook, it will be easy for you to track your sportsbook’s progress. With the right bookie software, you can generate reports in seconds.
The total sports betting handle for June is $350.4 million. This gives us 12% year-over-year growth. It is, however, 21% lower than the 4447.6 million wagered in May. This is typical market behavior, as there are less sports leagues running in June. This is why when looking at the performance of a sports betting market, we take into account the year-over-year data. This will give us insight into market growth. Since we are seeing an increase in annual betting, then the short-term dip in handle is not worth worrying about.
Year-Over-Year Revenue Growth
According to the Colorado Department of Revenue, the gross revenue for betting in the state is at $28.2 million. This is 206.5% higher than June 2023. Net revenue of $19.2 million is an astounding 874.6% year-over-year. If you are wondering why the jump in revenue is that high- there is one explanation. That would be the Denver Nuggets winning the NBA Championship last year.
Recreational betting is popular in basketball. And when your home team is gunning for the top rank in the league, then expect a lot of bets supporting that bid. So, when the Nuggets reached the Finals, betting activity was very high. And when they won, the payouts were very high as well. You can see your own detailed reports when you use the software of this sportsbook pay per head for agents.
Back in June 2023, gross revenue was $9.2 million. After paying out winnings, adjusted revenue dropped to $1.97 million. This year, the Nuggets were unable to win their second NBA title. They bowed out after losing in Game 7 against the Minnesota Timberwolves. Thus, the win rate was better this June at 8%.
Colorado Sports Betting at a Glance
Online sportsbooks continue to dominate the market, with online wagering accounting for $348.9 million of the total handle. Meanwhile, $1.5 million in wagers were placed in retail sportsbooks. You can check out the best online sportsbooks and see their products this summer. Even without basketball and football, there are a lot of options available.
For instance, baseball betting was busy, with over $104 million in wagers. The win rate is quite low at 5.4%, but is enough to generate $5.6 million in revenue. With the Denver Nuggets out of the Finals, the handle is lower than last year. Basketball betting is at $59.2 million, with $3.9 million in revenue.
Soccer is another sport that is rapidly becoming popular in the US. Aside from MLS betting, there are other tournaments available. You have the likes of the Euro 2024, and the Copa America to bet on. The handle for soccer betting in June is $27.7 million, with $31.1 million in revenue.
Meanwhile, other sports such as tennis are also popular. The sport had $26.6 million in wagers. Table tennis is also a moneymaker, with a $15.1 million handle and $1.1 million in revenue. Golf also saw action with the US Open this June, generating $8.4 million in wagers. Hockey saw $8.1 million in bets, earning sportsbooks $110,000 in revenue. Combat sports is also popular, with MMA seeing $5.7 million in bets, and $894,000 in revenue.
You must be logged in to post a comment.