Home > Sports betting > Colorado bounces back in August as sports betting handle hits $306.1m

Colorado bounces back in August as sports betting handle hits $306.1m

| By Robert Fletcher
Consumers in Colorado spent $306.1m betting on sports in August, an increase on the same month last year, while revenue was also higher.
Colorado sports betting August

Handle in Colorado was $15.5m ahead of $290.1m in August 2022. The monthly sports betting spend also surpassed the $281.1m wagered in July this year by 8.9%.

Players bet a total of $304.2m online during August, with the remaining $1.9m wagered via retail sportsbooks.

Baseball remained the most popular sport to wager on in Colorado, drawing $105.5m in bets. The state is home to Major League Baseball franchise the Colorado Rockies.

Tennis ranked second in terms of betting spend, with players wagering a total of $29.9m on the sport. Basketball followed with a $26.4m handle, while $53.5m was spent on parlay wagers in August.

Sports betting revenue remains level in Colorado

Turning to revenue, gross gaming revenue from sports wagering in August reached $25.9m. This was level with the same month last year and 3.6% ahead of the $25.0m generated in July 2023.

Online sports betting accounted for $25.6m of the monthly revenue total, with retail’s share at $248,732.

Players won $280.2m from sports betting in August, including $278.5m online and $1.6m at retail locations.

In addition, the state collected $1.8m in sports betting tax – almost all of which came from online activities.

Colorado market to welcome new operator

The latest set of monthly results come after commission-free sports betting exchange Novig last week secured a license in Colorado.

The Internet Sports Betting Operator licence from the Colorado Division of Gaming allows Novig to roll out its offering in Colorado. It will partner with Full House Resorts and its Bronco Billy’s Casino property in Cripple Creek to secure the licence.

Novig is building a commission-free, high-frequency sports betting exchange. However, until exchange betting is approved in Colorado, Novig will be active as a sports betting operator.

Subscribe to the iGaming newsletter