Colorado July Sports Betting Handle Increases By 55%
With major sports starting to return late in the month and interest in its professional teams high, Colorado saw a huge increase in sports betting handle in July — a 55% increase month over month.
The total amount wagered in Colorado in July was $59,183,620, compared to June’s $38,136,949, according to a Colorado Department of Revenue Division of Gaming release on Wednesday. The state’s sports betting market launched on May 1.
Mobile betting was $58,600,805 in July, 99% of the total wagered. Retail was just $582,815.
Since the launch, the state has had more online and retail sportsbooks go live, and in three months it has seen a total of about $123 million wagered.
Gross Gaming Revenue in July was $5,196,598, a 49.2% increase over June’s $3,484,015. Net sports betting proceeds in July were $2,417,311, an 11.4% increase over June’s $2,169,978. Total taxes collected in July were $241,866 compared to June’s $217,023.
MLB started its season July 23 and the Colorado Rockies have been playing just about every day since July 24. They are currently just outside of the playoffs with half of the season to play.
Baseball betting knocked table tennis from the top in total wagers, according to the July figures. Baseball easily led individual July sports in wagers with a total of $9,217,343 placed.
Colorado Sports Betting, July vs. June
August Should Be Even Better in Colorado
In addition to the Rockies playing, the NBA’s Denver Nuggets and NHL’s Colorado Avalanche restarted their seasons July 31 and Aug. 1, respectively. Both are still in the playoffs and should help Colorado see huge betting gains in August.
After baseball, soccer saw the second-most money wagered in July at $7,601,501, followed by table tennis at $5,109,201. Golf saw $4,830,141 in total handle and basketball was at $3,334,820. Sports considered “other” had $14,572,390 in wagers.
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Colorado Market Continues to Grow
When the market went live May 1, four online sportsbooks were up and running. That has grown to 10 online and eight retail sportsbooks, and another will soon be online. Casinos started reopening in mid-June, as did some retail sportsbooks.
TheScore Bet will soon begin offering mobile sports betting in the state after announcing Aug. 5 that it has received approval from the state Division of Gaming. TheScore Bet gained market access with a deal through a subsidiary of U.S. gaming operator Jacobs Entertainment Inc. in January.
PointsBet announced Aug. 7 that it will become the official and exclusive sports betting partner of the professional teams and venue owned by Kroenke Sports & Entertainment in Colorado — the Nuggets & Avalanche, along with the the Colorado Mammoth of the National Lacrosse League, and the Pepsi Center, where the teams play.
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