Colorado Sports Betting Revenue
Legal sports betting is off to a strong start in Colorado, and we’ve got the numbers to prove it.
Already the nation’s sixth-largest sports betting market, CO’s handle continues to climb.
Sports Betting Dime will keep you up to date with the latest reports and analysis from the Centennial State. Check out the tables below for an in-depth look at Colorado sports betting revenue. Read on to learn what to expect in 2021 and beyond.
Latest CO Revenue News
Find the most recent Colorado sports betting revenue news below.
July 2021 – Colorado sportsbooks take in just $181 million in wagers in July, the lowest monthly betting handle in the Centennial State since August 2020. This decline continues a trend seen throughout the US sports betting industry: no state with legal sports betting reported an increase in betting handle in July compared to June. Baseball wagers accounted for over a third of the betting volume for the month with $61 million handled. Just under $3 million was wagered on “Summer Athletics”, suggesting that wagering on the Tokyo 2020 Olympics was not of huge interest to Colorado bettors.
June 2021 – Colorado reports just under $230 million in wagers for June, its lowest monthly betting handle since October 2020. However, that’s still a 500 percent increase above June 2020 figures.
With NBA playoffs in full swing, basketball remained the most popular sport to bet on in Colorado, accounting for approximately 33 percent of all betting handle ($74,884,932). However, with the Nuggets knocked out in the second round, that total dipped by about 14 percent from May.
Similarly, it seems the popularity of hockey betting in the Centennial State is somewhat reliant on the success of the Colorado Avalanche. The sports betting handle took a 30 percent decline in June after the Avs failed to advance past the second round of the Stanley Cup Playoffs.
May 2021 – Colorado sports bettors wagered $248 million in May. Basketball was by far the most popular sport to bet on, accounting for 35 percent of Colorado’s monthly betting handle ($86,905,263). This shows the popularity of the NBA Playoffs as well as the success of the Denver Nuggets. It probably didn’t hurt that Nuggets star Nikola Jokic was the frontrunner (and eventual winner) of the NBA MVP award.
Baseball was a distant second with just under $50 million in wagers. Meanwhile, Coloradans continue to show their appreciation for table tennis with over $10 million in wagers making it the states’ fourth most popular sport in May.
April 2021 – Colorado reports a betting handle of $244 million in April, its lowest monthly total thus far in 2021. That said, CO sportsbooks generated $17 million in gross gaming revenue, a healthy figure. In the first 12 months of legal sports betting in Colorado, bettors wagered $2,324,644,889 for a total gross revenue of $147,359,609. The state has recouped $6,636,138 in taxes thus far.
March 2021 – Colorado sports betting handle hits the $300 million mark for the second time, with $300,990,842 wagered in March. After eleven months of legal sports betting in the Centennial State, the industry has taken in over $2 billion in wagers. More than $5 million in taxes have flowed into state coffers thus far.
February 2021 – Coloradans wagered $266 million on sports in February, a dip from the previous two months. This marks the first time since legalization that Colorado does not set a new state record for monthly betting handle. Sportsbooks kept just 3.92 percent of handle after paying out winning bets – low even by Colorado’s standards – which is good for bettors. More than 96 percent of the handle was wagered online.
January 2021 – Colorado continues to steadily increase its sports betting handle every month since legalization. The Centennial State reported $326,903,462 in wagers for January 2021. At this pace, CO could top $4 billion in annual handle in 2021.
Colorado Sports Betting Revenue: Month-by-Month
Sports Betting Dime tracks the growth of legal sports betting by tallying monthly revenue reports for each state.
The table below displays Colorado’s sports betting handle, gross gaming revenue, and hold percentage, as well as state tax revenue collected every month since launch. You can scroll back in time to see the industry develop.
Here’s what each number represents:
- Handle refers to the total amount wagered on sports.
- Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winning bets.
- Hold percentage shows how much revenue sportsbooks kept as a function of the betting handle.
- State tax revenue displays taxes collected by the state and local jurisdictions.
|Month/Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
|Total (since launch)||$2,984,705,765||$197,897,788||6.63%||$9,457,345|
We will update this table monthly with the data provided by the Colorado Department of Revenue.
Colorado Market Overview
Here’s some important information to keep in mind when evaluating Colorado’s sports betting revenue reports.
State Population (2020 Census): 5,773,714
In-state Pro Teams: Denver Broncos (NFL), Colorado Rockies (MLB), Denver Nuggets (NBA), and Colorado Avalanche (NHL)
Launch Date: May 1, 2020
Biggest Monthly Handle: $326,903,462 (January 2021)
Regulator: Colorado Division of Gaming
Platforms: Online and retail
Tax Rate: 10 percent
Colorado Sports Betting Revenue Insights
Colorado burst onto the US sports betting scene in 2020 and emerged as a highly competitive market. The Centennial State was one of six states to take over $1 billion in sports bets in 2020, and it did so in just eight months.
The fact that Colorado got off to such a solid start – in the middle of a pandemic no less – shows a promising future for the sports betting industry. CO is one of several strong new markets located outside of traditional gambling-friendly states. Sports betting appears to be gaining wider acceptance in America thanks to the availability of safe and legal options.
Let’s look at what we’ve seen so far and what to expect in 2021 as Colorado continues to gain speed.
Colorado finished 2020 with the second-lowest annual hold percentage in the country at just 6.40 percent. A low hold rate is good news for sports bettors, as it means sportsbooks kept less money out of every dollar wagered and more was paid out in winnings.
Hold percentages are not entirely within the realm of control for sportsbooks or state governments. Having a low state tax rate and plenty of licensed operators certainly helps prevent sportsbooks from charging excessive juice, but hold rates are also subject to factors such as bet balance or even the types of wagers placed. There’s typically more vig built into parlays and futures, for example.
That said, on average, Coloradans can rest assured they’re getting a fair shake so far. Only Nevada had a lower hold in 2020 (6.07 percent). That’s good company to be in!
On Pace for $4 Billion Wagered in 2021
Colorado’s progressive sports wagering regulations allow for a highly competitive market that already has more than a dozen online operators, resulting in fairer odds and more enticing promotions for sports bettors. Since day one, Coloradans jumped at the opportunity to get in on the action and feel more engaged with their favorite sports teams.
Colorado’s sports betting industry has shown steady, sustained growth since its launch in May 2020. Through its first nine months, CO increased its monthly betting handle every month. At its current growth rate, Colorado could easily see $4 billion wagered on sports in 2021.
Learn More About Sports Betting in Colorado and Beyond
Sports Betting Dime will keep you informed with the latest CO sports betting news and revenue insights as this emerging market continues to develop.
Learn more about the Centennial State’s sports wagering rules and regulations, best bonuses, and more by visiting our comprehensive Colorado online sports betting page. You can also explore our state-by-state sports betting revenue tracker to see how CO compares to other markets across America.
Have fun and enjoy the action out there!