In August, the Colorado Department of Revenue reported a $372.4 million handle. That was a 21.7% year-over-year increase from their online and retail sportsbooks. Their handle from August 2023 was $306 million. College football and table tennis played major factors in Colorado’s handle growing year-over-year.
Wagering on NCAA football totaled $14 million In August. The Colorado Buffaloes draw a ton of media attention with Deion Sanders as their head coach. Not to mention they have WR/CB Travis Hunter who is playing 100+ snaps in each game. Wagering on college football in August was up $8 million year-over-year. Additionally, table tennis accepted $17.8 million in wagers for August 2024. That was a 43.5% year-over-year increase. The most ever for table tennis in a single month in Colorado.
Gross gaming revenue (GGR) was $33.2 million in August, up 28.3% year-over-year. Adjusted revenue was up 31% year-over-year at $24.5 million. Operators in Colorado combined for an 8.9% hold in August. There were $370.3 million in online wagers in August. Retail sportsbooks set a new high mark with a $2.1 million handle. In year-to-date sports betting, Colorado has accumulated nearly $20 million in revenue.
How did each sport fare in August?
As expected, baseball dominated the rest of the sports betting market. They accepted $103.2 million worth of wagers. That was down roughly $2 million from the figures they saw in August 2023. However, the $103.2 million in wagers was up from the $94.6 million in July. Baseball’s revenue of $4.2 million was the second highest in Colorado.
Despite only being in the preseason during August, pro football took home the top revenue spot of $5.8 million. That was thanks to a generous 20% hold on $29.6 million worth of wagers. The NFL’s revenue rose 17% year-over-year.
College football had a double-digit hold in August to generate $1.5 million in revenue. However, their revenue was down from the $1.9 million in August 2023. With the Olympics happening in August, Colorado collected another $8.9 million worth of wagers. That counted for their Summer Athletics category which was up $1.5 million from July.
Wagering on parlays rose in August
In August, wagering on parlays accounted for $76.1 million of all the wagers placed in Colorado. That was up 19% from their figures in July and 42.2% year-over-year. Colorado’s 13.3% hold on parlays led to $10.1 million in operator revenue. This was a 5.7% year-over-year increase.
