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Colorado sports betting handle sees monthly 13% drop to $313M in June, but fiscal year still well-ahead from 2021

colorado-sports-betting-handle-sees-monthly-13%-drop-to-$313m-in-june,-but-fiscal-year-still-well-ahead-from-2021

The Colorado Division of Gaming reported Wednesday the monthly sports betting figures corresponding to June 2022, with a total handle of $313.2, a 13% decrease from May, when the state perceived a total of $360,3 million. However, the latest figures show a 44% increase compared to the $226 million total handle from the same period last year. And as for the fiscal year, betting has brought in $12.4 million — a 53% increase compared to this point last year.

In June, Professional Baseball placed in the top spot for the month with $106.4 million in total wagers, a 35% increase in wagers over the last two months. Basketball came in second with $44 million, while Ice Hockey came in third with $29.5 million, a 177% increase from the $10 million total that the state saw during the same period last year. The fourth spot went to Tennis with $23.4 million, and soccer rounded out the top five sports with $10.2 million.

Ian St. Clair, an analyst at PlayColorado.com, told The Center Square that the June betting figures indicate that “live betting is taking a hold.” “The top three sports for the month were baseball, basketball and hockey. All three sports are great for live betting, indicating that Colorado bettors have picked up a board to ride the wave,” he said.

The expert attributes the major hockey boost to the Colorado Avalanche winning the Stanley Cup finals. According to him, sports fans were excited by the team’s run, which will “only amplify” when it comes to the Broncos and the hopes of a Super Bowl run.



NFL's Denver Broncos

Online sports betting is still the driving force, as out of the $313.2 million in wagers from June, just $2.8 million — less than 1% — came from brick-and-mortar outlets. 

While Coloradans enjoyed one of their best betting months ever, this implied bad news for state coffers and sportsbooks. Operators held only 2.1% of their wagers — their worst mark of 2022 — and their net sports betting proceeds were in the red by $1.9 million, the second time this year.

Colorado collected more than $268,000 in taxes from sports betting wagers in June, CDOR data shows. That’s an 83% decline from the taxes collected in May 2022. 

The latest figures come after a recent statewide audit found that Colorado’s sports betting regulators lack “efficient processes” to regulate the filings from local casinos and sportsbook operators. 

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