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Colorado sports betting revenue soars in June 2024
The state’s operators are likely grateful the Nuggets didn’t repeat as NBA champions.
The state of Colorado reported its sports betting figures for the month of June, and announced it more than tripled its revenue from June 2023.
The Colorado Department of Revenue reported a gross gaming revenue of $28.2 million for June 2024. That number is up from the $9.2 million generated by the state in June 2023, a year-over-year increase of 206.5%. Net sports betting proceeds in the state rose from $1.97 million in 2023 to $19.2 million in 2024, an increase of 875%.
The impact of a local team winning a championship
In case you’re trying to figure out the main difference between June 2023 and June 2024, look no further than the NBA champion. In 2023, the Denver Nuggets took home the title and local bettors in Colorado battered the sportsbooks and raked in extreme profits. In 2024, the Nuggets failed to repeat and all of the local tickets backing Denver were graded as losers.
Most states with legalized sports betting have local teams, and operators in those states are well aware of the liability they would face if a local team made a run.
After beating the Los Angeles Lakers in the first round, the Nuggets lost to Minnesota in the second round of the NBA playoffs. Minnesota would go on to lose to Dallas in the conference finals, and Dallas went on to lose to Boston in the NBA Finals.
Even with no Nuggets run, Colorado had a profitable month
Fans of Colorado sports teams and operators in the state were probably looking forward to long playoff runs in the spring from the two local teams. Both the Nuggets and the NHL’s Colorado Avalanche were among the favorites to win titles in their respective leagues. Both ended up bowing out in the second round of their respective postseasons.
It’s a double-edged sword for operators in the state. While they avoided any potential liability from paying out on the local teams, they also missed out on potentially massive betting handles if either team made a push for the championship.
Despite their teams’ disappointing finishes, Colorado had a good month of June. As we mentioned, sports betting revenue more than tripled year-over-year. Even more impressively, the state’s betting handle was up 12% year-over-year. When you consider the Nuggets weren’t as big of a factor this year, that bodes well for the future of Colorado sports betting.
Colorado has accepted more than $3 billion worth of sports bets in 2024, becoming the ninth state to pass that milestone. Compared to this time last year, wagering handle is up nearly 18%. The state’s sportsbook operators have generated nearly $230 million in gross revenue, up more than 27% year-over-year. The state has collected $15.2 million in taxes from operators, an increase of 19.7% from the halfway mark last year.
Baseball leads the way
With the Nuggets and Avalanche out of the picture by June, Colorado bettors turned their attention to America’s pastime. Baseball led the way for bettors in the Centennial State, as 37.7% of non-parlay wagers were placed on MLB action. Overall, more than $100 million was bet on the sport in the month of June in Colorado.
Even without the Nuggets, bettors did get involved with the final rounds of the NBA Playoffs. More than $59 million was bet on the NBA in June in the state, making up more than 21% of non-parlay handle.
Soccer saw a rare bump in betting handle in June, mainly due to the European Championship and Copa America international tournaments. Almost 10% of the bets placed in the state in June were on soccer. Other sports reported a lower percentage of non-parlay handle:
- Tennis ($26.5 million, 9.6% of non-parlay handle)
- Table Tennis ($15.1 million, 5.4%)
- Golf ($8.5 million, 3.1%)
- Hockey ($8.1 million, 2.9%)
- MMA ($5.7 million, 2.1%)
- NCAA Baseball ($1.5 million, 0.5%)
- NFL ($1.5 million, 0.5%)
- Other sports ($19.1 million, 6.9%)
The state accepted $73.1 million worth of parlay bets in the month of June, making parlays the second most popular type of bet in the state behind only MLB bets. In total, sportsbooks profited more than $9 million on parlay bets for the month.
