Colorado sports betting handle up 42% YoY in July, but state sees fourth consecutive monthly decline this year

The Colorado Division of Gaming reported Friday the monthly sports betting figures corresponding to July 2022, with a total handle of $258.4 million, a 17.5% decrease from June this year, when the state saw a total of $313.3 million in bets. However, a year-over-year comparison showed a 42.5% increase in handle. Bets placed online amounted to $256.4 million, while retail operators took $1.9 million in wagers.

The monthly drop from June brings sports betting in Colorado down for a fourth consecutive month. Additionally, the amount wagered in July amounts to the lowest monthly total of the calendar year so far. However, in terms of gross gaming revenue, the period reached $20.8 million, 205.9% up from the $6.8 million reported in June this year; and also 32.5% higher than $15.7 million in July 2021.

In July, baseball placed itself in the top spot for the month with $110.6 million in total wagers, followed by tennis with $24.3 million in wagers. Basketball came in third with $23.3 million. The fourth spot went to soccer with $11.9 million and golf rounded out the top five sports with $7.9 million.

According to PlayColorado, the step back in handle for Colorado’s market was expected. "With football back in August, you'll see that number start to jump back up," Ian St. Clair, an analyst with the site. "The fact baseball took such a large number is a bit of a surprise, but then you remember the number of fans from opposing teams who flock to Coors Field and it makes total sense. That also ties into the rise in popularity of live betting."

Taxes collected by the state in July 2022 from sports betting wagers totaled $1,092,161.63, representing a 307.1% increase over the prior month, and a 9.3% increase from the same month in 2021 ($999,111). The win percentage for July was 8.05%, and total wagers since Colorado sports betting launched in May 2020 now stand at just over $7.8 billion.