Colorado’s sports wagering handle recorded a massive fall last month that amounted to an eight-month low. While the playoffs saw the elimination of the NHL’s Colorado Avalanche and the NBA’s Denver Nuggets, as confirmed by “The Colorado Division of Gaming” reports this Tuesday. June 11 saw Vegas Golden Knights eliminating Avalanche, which furthered the conclusion of the playoff run within the next two days.
The lowest figures for wagering were recorded in June, which amounted to $229.8 million in comparison to the $210.7 million that was accrued through wagering in October 2020. This was the lowest tally for totaled bets in eight months.
The fall in comparison to the totals recorded in May was 7.7 percent. The monthly totals have seen the figures fall considerably for two months consecutively out of the last three months.
The sixth straight month saw professional basketball being the top favorite sport amongst bettors. June’s handle of $74.9 million was down from the totals recorded in May by a massive $12 million. While betting for professional hockey also took a hit. Last month’s figures saw a considerable fall of $5 million compared to the past month. At the same time, the figures for baseball saw a rise in June from May, which totaled to an amount of $54.6 million. The same was observed in tennis which saw the figures rise by $4 million, making it a sum of $12.3 million in total for the wagers.
Table tennis is the most common sport that finds preference by bettors wagering all across Colorado. However, despite the May 2020 legalization, the figures fell drastically by $1.5 million to $8.7 million for June. This is in stark comparison to May.
Despite the figures dropping for betting, Sportsbooks in Colorado amassed 20 million dollars as revenue for June. The rise has been a staggering 30.2 percent. Fewer winning bets by bettors ensured casinos keep 8.6 percent of the bet amount.
Analyst Jessica Welman stated how there was a lack of interest in general for golf and tennis in comparison to major team sports. But a high win percentage enables sportsbooks to offset the dips recorded in betting volumes for the off-season.
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Source: Sportsbooks Gain in June While Colorado’s Betting Handle Is at Its Lowest