Colorado Sports Betting Revenue Surges in May

The total betting handle for the month reached $447.6 million, a 16.2% rise from the previous year. This resulted in a 10.1% hold on gross revenue, the second-highest win rate in the state’s history, trailing only September 2022’s 11.4%.

Comparative Monthly and Annual Growth

While the handle decreased by 12.2% from April’s $509.5 million, the revenue saw a significant 40.5% increase due to a higher hold percentage. Adjusted gross revenue eligible for state taxes amounted to $33.5 million, reflecting a 52.3% increase from the previous year and a 74% rise from April.

Consequently, Colorado collected $3.2 million in taxes for the month, contributing to a year-to-date total of $13.4 million, which is $1.7 million ahead of last year’s pace.

The handle for the first five months of 2024 stands at $2.68 billion, an 18.2% increase from the same period last year. Gross revenue increased by 18% to $201.3 million, with a stable hold rate of 7.5%. Adjusted gross revenue saw a 14.3% rise, reaching $134.6 million.

Performance Across Sports Categories

The Department of Revenue does not provide detailed figures by operator, but notable increases were observed across various sports:

Parlay Wagers: A significant driver of revenue for the month.

Basketball: Revenue soared by 57.4% to $7.9 million, with a handle of $147.5 million, marking an 18.9% increase. The hold rate improved by over 1.1 percentage points to 5.4%.

Hockey: Operators earned $3.4 million, nearly tripling the previous year’s $1.14 million, with a 14% hold on a $24.2 million handle. This was influenced by the early playoff exits of the Denver Nuggets and Colorado Avalanche.

Table Tennis: Set a new revenue record with operator winnings of almost $1.2 million and a handle of $13.9 million, ranking second all-time for this niche sport. Total table tennis wagering surpassed $400 million.