Sports Betting
Colorado Sportsbooks routed the public on parlays in May
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished01 Jul 2024
Last week, the Colorado Division of Gaming reported nearly $45 million in gross sports betting revenue for May 2024. The state saw a strong performance by sportsbooks for parlay wagers. Additionally, they had a total betting handle of $447.6 million. Up 16.2% from May 2023. That gave Colorado sportsbooks a 10.1% hold on the market. Colorado’s 10.1% was the second-highest in state history behind an 11.4% hold in September 2022. However, their overall betting handle was down 12.2% compared to the $509.5 million recorded in April. Despite that, revenue was still up 40.5% in May.
In the US, there are a limited number of states that publish their handle for parlays and same-game parlays. Most times, Colorado finds itself as the outlier. The public usually wins when it comes to rates. However, the state had a 22.5% hold in May. They collected $20.9 million in winnings from a $93.1 million handle. That’s after bettors held Colorado to a sub-15% hold for the first four months of 2024. Their revenue haul in May 2024 was the third-largest in 49 months of Colorado having legal sports betting.
Where was Colorado the most profitable in sports betting other than parlays?
During May 2024, basketball revenue was up 57.4% compared to May 2023. Their total revenue was $7.9 million. Additionally, there was $147.5 million worth of wagers which represented an 18.9% increase. Colorado sportsbooks were able to exhale when the Nuggets and Avalanche were eliminated from playoff contention. Operators had $3.4 million in winnings from hockey wagers in May 2024. Nearly triple the total they had last year, good enough for a 14% hold on a $24.2 million handle.
In Colorado, they love to bet on the niche sport of table tennis. Operators had nearly $1,2 million in winnings from a $13.9 million handle. Additionally, wagering on table tennis surpassed $400 million. The “catch-all” collected $1.7 million from a $19.6 million handle. That was an 8.5% hold on the market. Baseball’s total revenue in May was $3.8 million, down 22.8% compared to May 2023. Finally. Colorado has seen their year-to-date figures go up. Their $2.68 billion handle through the first five months of 2024 is up 18.2% compared to last year.
