Colorado Sports Betting Market Surges with $372 Million Handle in August 2024

Record-Setting Month for Colorado

The Colorado sports betting market saw a substantial boost in August 2024, with the state’s Division of Gaming reporting a total handle of $372 million.

This represents a notable 21% increase from August 2023, when the handle was $306 million, and a 16.2% rise compared to July 2024’s $320.4 million.

This growth is largely attributed to the increasing popularity of football, both professional and collegiate, as well as ongoing efforts by sportsbooks to provide engaging betting options.

Football Leads the Way

Football, particularly the NFL and college leagues, was the top sport in terms of wagers placed in August.

The return of the NFL regular season and the excitement surrounding college football, particularly at the University of Colorado, drove betting activity.

Pro football wagers reached nearly $29.6 million, while college football betting surged to $14 million, more than doubling from the previous year.

Top Sports for Betting in August

Alongside football, several other sports drew significant betting action:

• Baseball: Despite a minor decline in the hold rate, baseball remained a popular choice, with sportsbooks generating $4.2 million in winnings.
• Tennis: Tennis betting saw substantial activity, with a $39.3 million handle and $2.9 million in revenue, thanks to a 7.4% hold rate.
• Basketball: Although the NBA and NCAA seasons were not in full swing, basketball still brought in $1.9 million in revenue.
• Soccer: Soccer rounded out the top five sports, contributing $1.8 million to the sportsbooks’ revenue.

Revenue Growth for Operators and the State

Colorado’s sportsbook operators enjoyed a strong performance in August, with an 8.9% hold, generating $33.2 million in gross sports betting revenue.

This marked a 28.3% year-over-year increase, even as the win rate dipped slightly compared to July.

The state of Colorado benefited from this strong performance, collecting taxes on $24.5 million in adjusted gross revenue.

With a 10% tax rate on sports betting proceeds, the state received nearly $2.4 million in tax revenue for August, pushing the total for 2024 to almost $20 million—a $4.2 million increase compared to the same period in 2023.

A Strong 2024 for Colorado’s Sports Betting Market

The first eight months of 2024 have been especially prosperous for Colorado’s sports betting sector.

Gross revenue for this period reached $295.3 million, a 28% increase over the same timeframe in 2023.

This growth outpaced the 17.7% rise in total betting handle, which climbed to $3.73 billion.

Operators have maintained a healthy hold rate, with the year-to-date hold rising to 7.9%, reflecting the market’s strong and sustained performance.