Legal Colorado Sports Betting Begins Fourth Year On High Note

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Colorado sports betting

Colorado sports betting kicked off its fourth year with $385.2 million in handle. The May 2023 total is 7% higher than the same month last year ($360.3 million.)

It is also the most handle on record in the month of May for CO sports betting.

According to numbers recently released by the Colorado Division of Gaming, sportsbooks posted revenue north of $31.4 million, a 15% increase over May 2022 ($27.1 million.) Sports betting in Colorado also produced $2.2 million in tax revenue.

Basketball tops CO sports betting again

Basketball was the most popular game in Colorado between May 2020 and April 2023, its first three years of legal sports betting. Year 4 began the same way.

CO sports betting apps took $122.7 million in basketball bets in May as the hometown Denver Nuggets marched toward an NBA championship.

Basketball bets accounted for 32% of all online wagers in May, with sportsbooks holding 4%.

Baseball and parlay bets popular, too

Baseball was the second most-popular sport, handling $90.8 million in online bets. Colorado is one of the few states that breaks down handle by sport.

In May, parlay bets of two or more combined wagers accounted for $64.8 million, or 17% of all online bets. Operators posted a 17.5% win or hold rate on the combination bets.

Sportsbooks won 8.15% overall in May, slightly higher than the market’s average hold percentage of just under 7%.

Top 10 handle in May

In overall monthly handle, Colorado consistently performs as a top 10 US sports betting market. This past May was no different.

The Centennial State is currently ninth in total handle.

Arizona, which has not yet reported its May sports betting figures, is expected to land ahead of Colorado in handle, according to LSR projections.