July’s betting turnover in Colorado shows expected decrease

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    July’s betting turnover in Colorado shows expected decrease

    Despite the declining trend of the US sports betting market, July was considered a decent month for sports wagering in Colorado.

    According to the numbers released by the Colorado Division of Gaming, online and retail sportsbooks accepted $181.3m in wagers thanks to the Coors Field playing host to the MLB All-Star Game, the NBA Finals and the first week of the Summer Olympics in Tokyo.

    Following June becoming the third-best gross gaming revenue month in the state’s history with $19.7m, July showed a 21% decrease, but still remained strong with $15.7m revenue.

    The main reason for the decrease is bettors being typically occupied with family vacations and other summer activities, so July has always been considered a slow month for sports betting in the US.

    In terms of taxes generated, June saw the second-highest ever total for Colorado, as the state collected $1.2m; July showed a 17% decrease, with $999,110 collected in taxes, which is still better than the taxes collected in May, of $635,641.

    Online betting continues to be preferred in Colorado, as only $2.2m in wagers came from retail sportsbooks compared to the $179.1m that came from online gambling.

    Ian St. Clair, the Lead Analyst for PlayColorado, is confident the state’s betting market is healthy and improving: “Operators are trying to jockey for position ahead of the football season.

    «The fact that so many sportsbooks continue to launch in Colorado shows just how attractive the state has become for operators. In the end, increasing competition should help reach new customers and eventually lift the entire market.”