Colorado Sees 7.5% Rise In Sports Betting Handle For Fiscal Year

It’s been another great year for sports betting in Colorado. The Centennial State saw a 7.5% increase in its sports betting handle for the past fiscal year which runs from July through to June. Recently released figures from the Colorado Department of Revenue showed an impressive $5.17 billion in sports bets being taken at the state’s legal sportsbooks.

This had a positive knock-on effect to the state’s coffees which saw a 105% increase in sports betting taxes raised. While the 2022 fiscal year saw $12.4 million taken in sports betting taxes, this number had jumped up to $25.5 million in the 2023 fiscal year.

Award

BetMGM Promo

Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win

Get bonus now

Gambling problem? Call 1-800-GAMBLER (Available in the US) Call 877-8-HOPENY or text HOPENY (467369) (NY) Call 1-800-327-5050 (MA) 21+ only. Please Gamble Responsibly. Call 1-800-NEXT-STEP (AZ), 1-800-BETS-OFF (IA), 1-800-981-0023 (PR). Rewards are non-withdrawable bonus bets that expire in 7 days. In partnership with Kansas Crossing Casino and Hotel. See BetMGM.com for Terms. US promotional offers not available in DC, Mississippi, New York, Nevada, Ontario, or Puerto Rico.

Award

Fanatics Promo

Bet $50, Get $300 in FanCash

Get bonus now

Must be 21+. GAMBLING PROBLEM? CALL 1-800-GAMBLER or 1-800-522-4700, Home (MD), (800)-327-5050 or MA Gambling Helpline (MA), Call (877)8-HOPENY or text HOPENY (467369) (NY), or Call 1-800-NEXT-STEP or text NEXTSTEP to 53342 (AZ), (888) 789-7777 or CONNECTICUT COUNCIL – ON PROBLEM GAMBLING (CT), or 1-800-9-WITH-IT (IN), If gambling is more than a game, free help is available . . . – NCDHHS Problem Gambling (NC). New customers in AZ, CO, CT, DC, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, NC, NJ, NY, OH, PA, TN, VA, VT, WV, or WY. Must opt-in and wager $10+ cash on any market with odds of -500 or longer to receive $100 in FanCash each day for your first 3 days (issued when qualifying wager settles). Your 3 days begin the day you establish your account. FanCash rewards expire at 11:59 p.m. ET 7 days from issuance. Terms, including FanCash terms, apply – see Fanatics Sportsbook app.

Award

Bet365 Promo

Bet $5 & Get $150 in Bonus Bets Win or Lose

Get bonus now

Whatever the moment. It’s Never Ordinary at bet365. That’s why if you sign up now you will receive $150 in Bonus Bets Win or Lose when you bet $5! Minimum $10 deposit required. Minimum odds -500 or greater. Bonus Bets wager excluded from returns. New customers only. T&CS, time limits and exclusions apply.GAMBLING PROBLEM? CALL OR TEXT 1-800-GAMBLER (AZ/CO/IL/IN/KS/KY/LA/MD/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ (18+ KY). Must be present in AZ/CO/IA/IL/IN/KS/KY/LA (select parishes)/MD/NC/NJ/OH/PA/TN/VA.

Positive figures outweigh a tough June for sports betting

While the overall picture for sports betting in Colorado is positive, the state’s sportsbooks had a difficult time in June. This is because the success of the Denver Nuggets basketball team in the NBA championship caused the sports betting operators to lose nearly $11 million in bets.

While there was $57.9 million taken in basketball bets in June, the success of the Nuggets caused $68.7 million to be paid out by the sportsbooks. While basketball caused Colorado’s sportsbooks a fair amount of pain, other high-performing sports such as baseball, tennis and soccer ensured that the revenue hit wasn’t too bad.

June saw the total sports betting revenue in Colorado reaching $9.2 million which was a fall of just over 70% compared to the previous month. This is the lowest figure for the state’s betting revenues in the whole of the last year, although it is still much better than the $6.7 million in revenues recorded in June 2022. The summer months are usually fairly slow for betting due to the relevant lack of major sporting tournaments.

Such figures had a negative impact on the state’s sports betting taxes too. This is because just $441,951 was collected in taxes in June which again made it the lowest total in the past year.

Room for more sports betting growth in Colorado

Such trends must be placed in the context of the whole year of sports betting within the state. Between August 2022 and April, Colorado had enjoyed a sports betting handle in excess of $400 million for each month.

Despite this, it’s also evident that things are in a state of flux for operators within the Centennial State. Several key operators such as PointsBet and Fox Bet are in the process of shutting down operations following the demise of Maverick Sports last month.

This shows how fiercely competitive sports betting has become in Colorado as smaller brands struggle to keep up with market leaders such as DraftKings, FanDuel and BetMGM.

However, the fact that relatively small operators such as ClutchBet and Superbook are able to continue will give hope to those newcomers aiming to set up shop in the Centennial State. With the likes of Fanatics expected to arrive in Colorado soon, it looks like things could be looking up for sports betting in the state.