The Colorado Division of Gaming reported nearly $45 million in gross sports betting revenue for May on Thursday, keyed by a strong performance by sportsbooks for parlay wagers.
The $447.6 million in total handle was up 16.2% from last May, resulting in a 10.1% hold on gross revenue. That was the second-highest win rate in state history behind the 11.4% mark sportsbooks fashioned in September 2022. Handle was down 12.2% compared to the $509.5 million reported for April, but revenue was up 40.5% as the hold was almost 3.8 percentage points higher.
The state was able to levy taxes on $33.5 million in adjusted gross revenue, which was an increase of 52.3% from 12 months prior and 74% from April. That resulted in an inflow of $3.2 million into Colorado coffers, and the $13.4 million collected in the first five months of the year is nearly $1.7 million ahead of last year’s pace.
Finally, the House Hits Back on Parlays
Among the limited number of states that publish handle and revenue figures for parlays, which also includes same game parlays, Colorado has often been an outlier in favor of the public when it comes to win rates.
| State | 2024 January-April Parlay Handle | 2024 January-April Parlay Revenue | Win Rate |
|---|---|---|---|
| Oregon | $83,044,793 | $19,777,989 | 23.82% |
| Mississippi | $32,189,017 | $6,904,149 | 21.45% |
| New Jersey | $1,312,505,151 | $260,376,487 | 19.84% |
| Illinois | $1,312,438,416 | $259,597,923 | 19.78% |
| COLORADO | $463,925,788 | $69,349,155 | 14.95% |
| Nevada | $2,681,604 | $41,000 | 1.53% |