Colorado sports betting revenue rebounds in July

The Centennial State’s grip fell below $300 million for July, but the hold percentage was significantly higher than the previous month.

Last Updated: September 2, 2022 2:26 PM ET
Reading time: 3 minutes

The Colorado Rockies are in last place, and sports betting in Colorado is trying to follow suit with its own summer slide.

The Colorado Department of Revenue reported yesterday that operators accepted $258.4 million in wagers for the month of July, down 17.5% from $313.2 million in June.

However, Colorado’s legal sports betting hand was up 42.5% year-over-year, even though the 2021 NBA Finals were held throughout July last year.

The state’s handful fell below $300 million for the first time this year — but if 2021 is any indicator, the worst is now behind them. July 2021 had the lowest handful that year – and August picked up again in football’s reception (even though it was only pre-season).

After the Stanley Cup playoffs ended in June, baseball was the only major professional sport to bet on in July…and it paid off, as 42.8% of all non-parlay bets were on the pass- American time, with no other sport exceeding double digits.

Colorado’s Taxable Victory

Unlike June, July was a good month for sports betting and tax collectors. July’s take came in at 8%, which, compared to last month’s 2.1% mark, came as an unpleasant surprise for bettors.

But all was not bad for the customers.

If you’re betting on golf, chances are you had a good July. Retail bettors bet $65,074 and won $135,340, while those betting on golf via online sportsbook also came out on top, winning $8.5 million for just $7.9 million. .

On the tax side, Colorado’s Water Implementation Cash Fund – where taxes on sports betting income end up – rose by $1.09 million, a massive 307% increase from June’s meager consumption of 268 $280.

Year over year, the July 2022 monthly tax bill increased by 9.3%.

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