Colorado sports betting has been around for a few years now, and it’s safe to say that it’s been a major success so far. The state has seen a total handle of over $6.5 billion thus far, with over $408 million in total revenue and over $17 billion in tax revenue. Plus, the state is home to a wealth of retail sports betting options at different casino locations in cities such as Black Hawk and Cripple Creek. While revenue has been consistent in the Colorado sports betting market, the month of June was a bit of a different story for sports betting operators in the area. Here’s what you should know about a rough month for Colorado sportsbooks.
Colorado Avalanche Win Leads to Sportsbook Revenue Loss
The Colorado Avalanche hoisted the Stanley Cup this year after taking down the two-time champion Tampa Bay Lightning in the Finals. While this was major for Avalanche fans, who had been without a title for two decades, sportsbooks were hit hard by the win. According to Covers.com, throughout June Colorado sportsbooks only had a 2.1% hold on sports wagers, the lowest of the year so far. This is quite a low number, as January 2022 saw a 6% hold with a 7.7% hold in November 2021. So, while Colorado sports bettors had a successful June, Colorado sportsbooks did not.
Overall Colorado Betting Handle Drops in June
Despite the profitable month for bettors in the area, the overall sports betting handle was a bit on the low side. In fact, there was a 13% drop from month to month as Colorado bettors only placed $313.2 million in bets throughout June. Still, the exciting Stanley Cup run definitely fueled plenty of bets, considering the June 2022 handle greatly outshines the previous June’s $229.7 million. Mobile sports betting remained the most popular method for placing bets in June of 2022, as $313.2 million was bet online as opposed to $2.8 million at physical sportsbooks.
Rest of the Year Is Bright For Colorado Sports Betting
As previously mentioned, the Colorado sports betting market tends to bring in big money. In fact, January of 2022 saw a massive handle of over $573 million, which resulted in $34.6 million in revenue. Lower handles in the summer months can partially be attributed to the fact that pro baseball is the only major sport available. And, while the team has its fans, the Colorado Rockies have to compete with major players like the Los Angeles Dodgers and San Diego Padres in the NL West, meaning they won’t get as much wagering support as the other professional teams in the area. However, September and the rest of the fall season should be massive for the Colorado sports betting market. With QB Russell Wilson making his debut with the Denver Broncos, MVP Nikola Jokic returning for another season with the Denver Nuggets, and Nathan MacKinnon and the rest of the Colorado Avalanche looking for another Stanley Cup championship, expect some massive betting numbers the rest of the year.