All About Colorado Sports Betting Handle And Revenue

The experts at BetColorado.com have developed this guide to help you better understand the terms used when discussing Colorado sports betting revenue and handle. The state releases those figures on a monthly basis.

Colorado voters approved a constitutional amendment legalizing sports betting in November 2019. It allows for both in-person wagering at a brick-and-mortar sportsbook in a casino, or for wagering through a mobile app or an online site.

Though it’s not one of the more populous states that has legalized sports betting, Colorado offers one of the widest selections of online sports betting apps and websites in the country. Currently, 24 Colorado sports betting apps are licensed in the state. 

Colorado Sports Betting, May vs. April

Colorado Sports Betting Handle and Revenue: May 2024

May was not a high point for Colorado sports as both the Denver Nuggets and Colorado Avalanche saw their seasons conclude. Still, the state’s bettors had plenty to wager on during the month.

The state’s sportsbooks took $447,561,934 in wagers for the month, according to data released Monday by the Colorado Division of Gaming.

That handle was 12.2% down from April’s $509,508,228, but the amount bet represented a 16.2% increase from $385,242,136 wagered a year earlier. Nearly all of the wagers, 99.6% or $445,984,691, came from Colorado online sports betting apps.

Though the handle dropped, sportsbook revenues actually saw a significant increase in May. Colorado’s 12 retail sportsbooks and its 20 approved online sports betting apps reaped $33,541,925 in net proceeds in May. That was up 74% from April’s tally of $19,278,372 and 52.3% more than the $22,022,429 they collected in May 2023.

As the operators raked in more money, so did the state. In May, the total taxes generated from sports betting revenues were $3,206,326, an increase of 67.8% from the $1,910,656 collected in April. All but $320 of the May tax proceeds came from revenue generated online.

The state does not break down handle or revenue by operator. However, the monthly report does include handle reports by sport. Basketball, thanks largely to the NBA playoffs involving the Nuggets, accounted for nearly a third of the total handle with $147,533,225 wagered. Baseball represented more than a fifth of the wagers with $92,334,925. With the French Open going on during May, Colorado bettors wagered $25,532,025 on tennis, and the Avalanche’s playoff run spurred the $24,217,429 in handle on hockey.

None of those handle figures include parlays. In all, Colorado bettors wagered $93,060,738 on multi-leg wagers in May.

Colorado Mobile Sports Betting History