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Colorado sees sports betting revenue and handle rise in July


Colorado reported a 9.1% month-on-month increase in sports betting revenue for July, while handle also jumped 55.4%, according to figures released by the Colorado Department of Revenue.

Sports wagering revenue in July amounted to $2.4m, up from $2.2m recorded in the previous month, as the market continued to grow since its first full month of operations in May this year.

Online was by far the main source of income for licensed operators in the state, with revenue for the channel contributing  $2.3m, compared to just $164,238 from retail sportsbooks.

In terms of player spending, the state’s handle amounted to $59.2m for July, up from $38.1m in June, with consumers winning a total of $53.6m in the process.

Players wagered $58.6m via online sports betting platforms during the month, which was significantly more than the $582,815 spent at retail facilities.

Looking at what players were betting on in July, baseball was the most popular individual sport with 15.6% of all bets, following the start of the Major League Baseball season, which had been delayed due to the novel coronavirus (Covid-19) pandemic.

Soccer also proved popular, accounting for 12.8% of all wagers, followed by table tennis – which had been the top sport in both May and June – on 8.6%. Golf came third, making up 8.2% of handle, with basketball on 5.6% and mixed martial arts on 4.5%.

The Department of Revenue figures also noted 14.6% of all wagers placed in the month were on parlay and combination bets.

Operators paid a total of $241,867 in taxes in July, with this split $225,205 from online activities and $16,426 from retail.

Since the market opened on 1 May, operators have generated $5.5m in revenue, while players had wagered a total of $122.9m across online and retail.

Colorado’s market could be set for further growth in August and beyond after a number of new operators announced plans launch in the state.

Score Media and Gaming, owner of online operator theScore Bet, was cleared to launch sports betting in Colorado, while free-to-play games provider SportCaller will also go live in the state after entering into a new partnership with Betfred USA Sports.