Colorado’s regulated sports betting operators saw their handles fall and their revenue rise as they navigated the doldrums of American sports wagering. It’s a trend that was repeated across the country as a sort of calm before the storm of football season.
According to the Colorado Division of Gaming, July’s total sports betting handle was $258,414,808. That number represents a 17 percent slump from June’s $313,215,080 handle. However, for reasons that aren’t completely clear, July 2022 saw a whopping 42.5 percent jump over July 2021’s anemic 181,327,995 handle.
On the revenue side, Colorado operator’s saw their gross gaming revenue (GGR is the number that determines how much tax they’ll be paying) hit $20.8 million. That’s a 205.9 percent jump from the $6.8 million they earned in June and 32.5 percent higher than July 2021’s $15.7 million GGR.
All of this is great news for the State of Colorado, which collected $1,092,162 worth of taxes from operators for the month. That figure shows an astonishing 307.1 percent leap over June’s take, when tax collectors only received a paltry $268,280.
The win percentage for July came in at 8.05 percent as local bettors found alternatives to their true love, football, in the depth of summer. Over the course of the month, players wagered $110,607,683 on baseball, which took the top slot for the month. Tennis took the second place spot with $24,375,055, while basketball fell into the third place spot with $24,375,055 in bets. Soccer and golf betting took the fourth and fifth place spots with $11,983,615 and $7,955,963 worth of wagers each.
Online wagering accounted for virtually all of Colorado’s action for the month with retail outlets reporting just $35,781 worth of revenue for the entire month.