After an abysmal end to the 2022-23 fiscal year, licensed sportsbooks in Colorado came out of their slump in July. It’s extremely early but if they can replicate the month’s performance, the current fiscal year could be the first to flirt with half a billion in revenue.
Across the board, legal sports betting in Colorado posted its strongest month of July to date. There’s no reason to expect a slowdown moving forward.
Colorado sportsbooks reach July peak
In July, Colorado’s regulated sportsbooks put together a solid performance in terms of industry standards. In historical context, though, it was the best such month on record in the state.
Overall, books won about 9.1% of the money gambled statewide via both in-person and online channels. Compared to July 2022, the amount of money wagered increased by 8.1% and tax revenue for the state went up by an impressive 38.6%.
That was the previous strongest July for sports betting in Colorado. July 2023 has taken its place in terms of win for sportsbooks as well. The total won in July 2023 was:
- 79.2% higher than July 2020
- 37.3% better than July 2021
- 16.7% more than July 2022
After Colorado revenue numbers in June closed out the 2022-23 fiscal year, July has the new year off to a great start. It could be a rather remarkable period in Colorado.
Sportsbooks could see first half-billion year
In the past fiscal year, sportsbooks won just under $393 million from bettors. That topped FY21-22’s $282.6 million and FY20-21’s $176.1 million comfortably. It might not stand as the gold standard in Colorado for long, though.
Assuming the 16.7% year-over-year uptick from July holds consistent for all 12 months, win for Colorado sportsbooks for the current fiscal year would top $458 million. Naturally, that’s an unreliable assumption. That rate of growth could fluctuate wildly over the next 11 months.
Win grew by 28% from FY21-22 to FY22-23. Replicating that margin would skyrocket win for the current year to over $500 million. That might be too optimistic, however, as the rate of growth from year to year has slowed each time.
Most likely, sportsbook win will land somewhere between the 16.7% and 28% growth range, eclipsing $400 million for the first time in Colorado. That could set the stage for the first half-billion year in FY24-25.
