From June to July this year, sportsbooks in Colorado saw a decrease in sports betting activity. From $350.4 million in June, the handle dropped by 8% to $320.3 million. This is quite common during this time of year and is nothing to worry about. Especially since gross revenue in the state went up despite the dip in handle. Let us take a look at the numbers of the Colorado sports betting market this July.
Colorado Sports Betting Data for July
Based on the latest data from the Colorado Division of Gaming, the total handle of $320.3 million has a hold rate of 10.16%. This is higher than the previous month’s 8%. The double-digit hold rate brought about $32.5 million in gross revenue. If you want to understand why this information is important to those who run their sportsbooks, check out our bookie pay per head blog. Some guides will explain the things you need to know as a bookie.
In some of these guides, you will also find out that the short-term decrease in handle is usually attributed to the sports calendar. What analysts look at more are long-term changes in betting activity. For Colorado, there is an increase in year-over-year numbers. Thus, there is no cause for worry, as we can see steady growth in sports betting in Colorado.
Sports Betting in Colorado By Sport
When you use the Bwager PPH Bookie service, you will gain access to software that will help you track data in your sportsbook. For instance, you can check how much wagers and revenue your sportsbook generates from each sport.
In the case of Colorado, Baseball is the top sport people bet on, with $94.6 million wagers generating $7.81 million in revenue. Basketball is the next top sport with a $55.7 million handle, generating $3.37 million. Meanwhile, tennis was quite a popular sport, generating $2.23 million in revenue from a $34.8 million handle.
Soccer is also a popular sport with $28.1 million in wagers and $2.07 million in revenue. Table Tennis continues to be part of the list with $14.03 million in wagers and $1.1 million in revenue. Golf, meanwhile, took in $7.16 million in wagers resulting in $1.49 million in revenue. Other popular sports were MMA, summer athletics, Pro football, and motorsports.
Parlays are Popular in Colorado
Parlay betting in Colorado went down from June’s $73.1 million to $64 million in July. However, a good win rate leads to a revenue gain from June’s $8.8 million to $11.65 million in July. Looking at the numbers, around 20% of all wagers made in the month were parlays. Parlays are multi-leg bets that are high-risk and high-reward wagers popular among bettors.
Given the great numbers that is reported on sports betting in Colorado, it will be interesting to see how August’s numbers will be. With the Olympics and pre-football betting, many are optimistic that Colorado will not just see a rise in revenue, but hopefully see more volume in sports betting as well.
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