The Colorado Division of Gaming reported $25 million in gross sports wagering revenue for July on Tuesday, as operators bounced back from absorbing an eight-figure loss in basketball payouts the previous month.
The Denver Nuggets winning their first NBA title in franchise history took a major chunk off operators’ bottom lines in June, as the public came out $10.8 million ahead on $57.9 million handle betting on basketball. July was a return to normal for hoops action, as the house kept $1.4 million from $34.5 million worth of wagers.
Overall, state sportsbooks processed $281.1 million in bets, as Colorado became only the sixth state in the post-PASPA era to surpass $13 billion in handle. It reached the benchmark in 39 months of wagering.
Monthly handle was up 8.8% compared to July 2022, while gross revenue increased by 20%. The rises in revenue are sharper in contrast with June — gross revenue was up 170.6%, as the 8.9% hold was nearly six full percentage points higher and the $19.1 million in adjusted gross revenue was an increase of more than eight-fold.