Colorado sports betting's total revenue increased by 206.5% year-on-year due to significant improvement in odds, while football betting volume increased significantly as the second America's Cup kicked off in the United States.
According to the Colorado Gaming Control Board, betting in June increased 12.8% year-over-year to $350.4 million. Of that total, online betting accounted for $348.9 million, while betting at Colorado's physical sportsbooks was just $1.5 million.
While baseball ($104.5 million) and basketball ($59.2 million) had the highest volume, soccer had a particularly strong month, more than doubling to $27.6 million with the start of the Copa America on June 20, while table tennis also saw a significant increase to $15.1 million.
High odds drive Colorado sports betting revenues soaring After paying out $322.2 million in prizes, total betting revenue for the month reached $28.2 million at odds of 8.05%. That far exceeds the $9.2 million in gross betting revenue and 2.97% odds recorded in June 2023.
After deducting free bets and federal taxes, net revenue from sports betting was $19.2 million in June, up sharply from $1.97 million the year before.
The Colorado Department of Revenue collected $1.8 million in taxes from sports betting in June, based on the state's 10% tax on net proceeds. Online sports betting in Colorado accounted for the vast majority of that figure, while brick-and-mortar betting contributed just $7,130.
