Colorado Sportsbooks surpasses $20 million in revenue for July

The Colorado Department of Revenue reported Thursday that sportsbooks are claiming $20.8 million in gross revenue for Julyrecovering from the previous month’s Stanley Cup title won by the Avalanche which had helped drag down the results.

Operators recorded a success rate of just under 8.1% in July, almost six percentage points higher than in June. This helped offset the 17.5% drop in the handful to $258.4 million, which is generally related to the summer downturn in athletic activity.

The state benefited from the rise in revenue, as it was eligible to levy taxes on $14.2 million in adjusted revenue. It was the third highest amount in 27 months of betting in the Centennial State and was the first time that the percentage of adjusted earnings to gross earnings exceeded two-thirds.

Nearly $6.6 million in promotional credits and deductions were taken by sports betting operators, but this is the lowest monthly amount since just over $6 million was claimed in July from last year. This helped the state collect taxes on 68.4% of adjusted income, breaking the previous high of 61.3% in July 2021.

As a result, state coffers received nearly $1.1 million in revenue, bringing the total to $7.3 million for the year. That’s just over $900,000 ahead of last year’s pace in the first seven months.

A banner month for baseball

Although the Rockies are 35 games behind the Los Angeles Dodgers in the NL West at the start of play Thursday and are mathematically eliminated from the division race, Colorado bettors are not shy about placing bets on the summer pastime. . Handle hit nine figures for the second month in a row, hitting a record high of $110.6 million and taking the bet size to nearly $378 million since early April.

Operator revenue for baseball also hit a monthly record of nearly $7.3 million, surpassing the previous norm of $5.2 million set in July 2021. The 6.6% holdback for baseball was almost three percentage points higher than in June.

Parlay betting revenue narrowly beat baseball as the main source of revenue for operators in July. The house raised more than $7.3 million from $55.8 million in wagers as the 13.1% win rate was more in line with this type of action in Colorado from the all-time low of June by 6.8%. The year-to-date holdback on parlays is 12.2%, with operators claiming $63.2 million out of more than $520 million.

Tennis finished a surprising second place by sport with an all-time high of $24.4 million. It was the fifth month in a row that the tennis handful exceeded $20 million, but the public fared much better in July than in June, limiting the house to nearly $1.6 million by driving down the win rate by more than four percentage points to 6.5%.

Bettors managed to clinch a stinging loss on the house, exiting more than $710,000 ahead of nearly $8 million golf bet. It was the largest monthly loss for operators in the sport, with operators ending nearly $533,000 in the red in May 2021.

Although table tennis betting has slowed due to Russia’s invasion of Ukraine, which led to the popular niche sport’s betting ban on matches originating in that country, the handful of all-time surpassed the $200 million mark after an additional $4 million was wagered in July. . Table tennis, soccer and MMA are the only three sports to make the top 10 in every monthly report since Colorado accepted its first bets in May 2020.

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