Colorado Puts Up Impressive July Revenue Numbers

The Centennial State had an impressive summer of sports betting.

Colorado released its July revenue numbers this week. The state generated over $32 million in gross revenue despite the $320.3 million handle dropping by 8% compared to the previous month. However, the handle was still up almost 14% compared to the previous year.

“The hold rate across retail and online sportsbooks in Colorado amounted to 10.16%, up from 8% in June, " a Colorado Division of Gaming report said. “Colorado’s total betting handle and total tax revenue both increased from July 2023, with a 30.43% month-to-month increase in tax revenue from June to July. Tax revenue rose to $2.36 million in July from $1.81 million in June.”

Baseball was the most popular sport wagered on, accounting for $94.6 million of the July handle. Olympic basketball, which attracted $55.7 million in wagers, was second. 

One sport that saw a drop off in wagers was golf, which decreased by $1.3 million. Though revenue was up thanks to Xander Schaeffele’s win at the British Open.

Colorado Market Set to Shrink this Month

The Centennial State’s impressive July numbers are a victory, but that momentum may not continue much longer. The state discovered that ClutchBet and SafeBet are planning to exit the market this month. That will decrease the amount of live sportsbooks in the state from 19 to 17.

While neither sportsbook has a significant market share in Colorado, their absence will be noted. Both attracted customers who wanted a smaller operator unique from industry leaders like FanDuel and Draftkings. That means customers may stop betting or look at offshore options instead of switching to one of the state’s other sportsbooks.

While no operators have announced their intent to apply for the soon-to-be-vacated licenses, we expect that to change soon.