Colorado sportsbooks endure rare negative net revenue month in June
Avalanches run to Stanley Cup title helps pad bettors’ pockets as operators post seven-figure loss
Colorado sports betting operators endured a rare month of negative net revenue in June, a distinction that can be largely attributed to the Avalanche (Avs) surgically marching to their first Stanley Cup title in two decades.
Sportsbooks in the Centennial State posted an adjusted revenue loss of $1.92m, marking just the third month they’ve finished in the red since the launch of online sports betting in May 2020. That figure trailed only the nearly $3.4m loss from August 2020.
Operators can thank the Avs, who punctuated a dominant postseason with an 8-2 record in June that spanned the conference finals and Stanley Cup Final.
The Avs run resulted in $29.5m in hockey handle for the month, a 177% year-over-year (YoY) jump from $10.7m during the same period of 2021. Sportsbooks predictably took it on the chin, losing just over $2m on hockey wagers in June.
Throughout the entirety of the NHL postseason, operators handled over $97m in total hockey bets.
Despite the surge in NHL action, overall wagering activity was down in June, with the $313.2m in handle representing a 13.1% month-over-month (MoM) drop from May’s $360.3m.
Operators generated $6.8m in gross gaming revenue (GGR) for the month, which equated to a 2.2% hold – the second-lowest win rate in the 26 months months Colorado has been live.
Promotional credits totaled $8.7m in June, with the state collecting $268,280 in tax payments.
In terms of sports, baseball lapped the field with $106.5m in handle – accounting for just over one-third of the state’s total volume – while generating $4.2m in revenue for operators. Basketball was next at $44.1m in handle, although operators lost just under $800,000 on NBA wagers.
Parlay handle, meanwhile, checked in at $58.9m in handle, with operators earning $4m in revenue off the exotic wagers.