Despite wagers trending upward, Colorado sports betting revenue dropped in May according to the monthly report.
Colorado bettors wagered nearly $249 million in May, per the a Colorado Division of Gaming report released Friday. Sportsbook operators generated $15.2 million in gross gaming revenue, a 6.1% hold. That’s down from $17.6 million in April.
More dramatic was the dip in net sports betting revenue, which fell from $10.5 million in April to $5.9 million last month. The state collected $635,640 in taxes in May, down from $1.1 million the month prior.
Colorado sports betting handle ticks up
Colorado’s May wagers were a 1.8% increase from April’s $244.5 million.
The total is still a ways off the all-time high of $326.9 million in January 2021.
May was the 13th month of Colorado sports betting, which drew $2.3 million of wagers in its first 12 months as a legal market.
Online sports betting dominance continues
Colorado launched its market in the middle of the sports shutdown during the COVID-19 pandemic. Combined with the remote Rocky Mountain location of state casinos, CO sports betting remains steadily online.
In May, more than 99% of the month’s bets came via mobile.
Retail bets stayed relatively flat month-over-month at approximately $2.5 million.
Basketball continues Colorado hot streak
NBA betting topped Colorado sports betting for the fifth month in a row with $86.9 million in bets.
Baseball was no. 2 bringing in $49.1 million in bets, while hockey drew $15.5 million.
Coloradans bet $10.5 million on table tennis, keeping its unique streak going at no. 4.
Other notable sports
- Soccer: $9.9 million
- Tennis: $8.2 million
- Golf: $4.8 million
- MMA: $2.5 million
More operators stake Rocky Mountain claims
Bally Bet became the 22nd sportsbook in Colorado in late May with its beta launch. The monthly sports betting reports do not break down operator figures.
On Thursday, 888 announced it was partnering with Sports Illustrated owners Authentic Brands Group to launch SI Sportsbook. Its first market will be Colorado later this year.
In a recent Q&A with LSR, Circa Sports director Matthew Metcalf chatted about the operator’s experiences in Colorado.