The sports betting revenue for June on Monday as operators posted huge year-over-year gains.
The haul was more than NBA title. Operators also got an unexpected revenue boost from the College World Series, where they collected nearly $1.2 million from college baseball wagers thanks to a whopping 80% hold.
Handle ticked 12.8% higher from last year to $350.4 million, which was also best apps for betting on sports. The hold on gross revenue was 8.1%, more than five percentage points higher from last June and two points lower than May.
The state was eligible to levy taxes on $19.2 million in adjusted gross revenue, which directed $1.8 million into state coffers. The $15.2 million in taxes collected during the first six months of the year is more than $3 million ahead of last year’s pace.
Huge NBA Revenue Swing 155571
Running June #SportsBetting handle by state
1 New York $1.48B
2 New Jersey $748.4M
3 Mass. $509.4M
4 Penn. $464.5M
5 N.C. $398.3M
6 Maryland $384.7M
7 COLORADO $350.4M
8 Tenn. $342.2M
9 Indiana $298.2M
10 Michigan $285.2M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 29, 2024
Overall, NBA revenue swung more than $14.7 million to the house’s favor compared to last June, when they paid out $10.8 million above the $57.9 million in accepted wagers. Operators won $3.9 million this time around, crafting a 6.6% hold against $59.2 million in handle.
The College World Series generated nearly eight times as much revenue for sportsbooks as it did in 2023, when they still posted a robust 11.8% hold in collecting $150,200. Handle increased 16.1% to $1.5 million, and it was the third straight year wagering on college baseball cleared $1 million in June.
The European Championship also treated Colorado sportsbooks well as they posted an 11.3% win rate by claiming $3.1 million in revenue from $27.7 million wagered. It was the third-highest monthly revenue total from betting on soccer, trailing the $4 million-plus accrued in March 2023 and the $3.3 million primarily from the World Cup in November 2022.
Revenue from table tennis, long a popular niche sport for betting in the Centennial State, reached seven figures for the third time in four months at $1.1 million. A record $15.1 million was wagered, and the $80.2 million handle through the first six months of the year is 72% of the $111 million full-year handle of 2023.
Year-over-year baseball handle was nearly flat at $104.5 million despite the Colorado Rockies having the worst record in the National League. Revenue was up 23.9% to $5.6 million as the 5.3% win rate was a full percentage point higher.
Colorado bettors got back to the norm for New Jersey (19.2%).
They also dealt operators their second-biggest monthly loss in golf, coming out $555,000 ahead on $8.5 million in handle. That trailed only the $713,700 paid out above $8 million worth of bets placed last July.
Year-to-Date Numbers Show Solid Growth 14t17
Colorado became the ninth state to sur $3 billion handle this year, with wagering up 17.6% compared to the first half of 2023. The $229.5 million in gross revenue is up 27.6% as the 7.6% hold is nearly six-tenths of a percentage point higher.
Adjusted revenue is up 28.4% to $153.8 million, boosted by the state collecting $17.2 million above last June’s total of nearly $2 million. That s for more than half the $34 million more in AGR reported for the first six months of 2024.
Retail sportsbooks topped the 7% industry hold for the first time since last September as they collected $111,200 in gross revenue from $1.5 million in handle. The brick-and-mortar locations at Black Hawk, Cripple Creek, and Central City have combined for a paltry $182,600 in winnings and 1.1% hold this year after absorbing six-figure losses in both April.
