Colorado Gambling News - July 2024
Get the latest gambling news from the great state of Colorado for the month of July 2024.
Southern Ute Tribe Sues Colorado Over Sports Betting
(July 10, 2024) - Colorado's Southern Ute tribe is suing the state claiming it was frozen out of sports betting as officials attempted to control and tax the Sky Ute Sportsbook platform.
Why It Matters:
- The suit claims that a 1993 agreement authorizes the tribe to conduct gaming as long as it’s in line with gaming activities identical to those allowed elsewhere in Colorado – including sports betting.
- Since legalizing sports betting in 2020, state officials have acted in bad faith toward the Southern Ute Indian Tribe, seeking to exert authority and collect taxes on the tribe’s sports betting platform, the lawsuit claims.
- “Today, for the first time in decades, the Southern Ute Indian Tribe has been forced to file a lawsuit in federal court against the state of Colorado because the administration refuses to honor express commitments the state made to the Tribe,” Southern Ute Tribal Chairman Melvin J. Baker said.
State voters narrowly approved sports wagering (50.8%) via a ballot referendum in November 2019.
Colorado Bettors Bet Big on the NBA Playoffs
(July 1, 2024) - The NBA playoffs and the 2023 NBA champion Denver Nuggets making another appearance - this time getting ousted in the second round by the Minnesota Timberwolves - helped the state to top $400 million in sports betting handle.
Why It Matters:
- Overall, Colorado sportsbooks collected a $447.6 million handle, representing a 16.2% year-over-year increase from May 2023 but a month-over-month decrease from April’s $509.5 million handle.
- $147.5 million of the monthly handle was attributed to the NBA playoffs. The revenue was $7.95 million.
- Colorado sports betting operators generated $44.99 million in gross gaming revenue in May, and state coffers benefited from a $3.2 million tax windfall.
- If you ever wondered why sportsbooks push parlays, here is your answer: A whopping $93.06 million was bet on parlays with a 22.5% hold.
- Baseball was the second-most bet on sport in the bunch for the second straight month with the MLB season ramping up in May, though the Rockies are among the worst teams thus far this season. Revenue was about half that of the NBA playoffs at $3.81 million.
- The Colorado Avalanche also exited in the second round of the NHL playoffs, with $24.2 million in hockey betting action in May. Revenue was $3.4 million.
- For reasons that can't really be explained, Colorado residents continue loving to bet on table tennis, continuing a trend since the pandemic. It ranked as the fifth most wagered on sport in the state, taking in a $13.92 million betting handle with revenue of $1.16 million. Tennis overall took in $25.53 million betting handle and $2.23 million in revenue, making it the third most wagered on sport in the state.
More Numbers:
Golf $6.97 million handle $880,700 revenue
MMA $2.79 million $290,000
Boxing $2.23 million $879,500
Denver Broncos 2024
The Denver Broncos are favored NOT to make the playoffs (they pay out $650 for every $100 if they do). They are expected to win 5 or fewer games for the season (-120).
Colorado Buffaloes 2024
Despite gamblers being very high on Colorado heading into next season, the Buffaloes' win total has only been set at 5.5 for the 2024 college football season. They are +4000 to win the Big 12. Follow along with FOX Sports for the latest news on college football and other sports.
Colorado Current Sports Betting Market
The legal age to bet online and in person is 21. Opening an online betting account can be done from one's own home via a licensed website's registration page.
The sites regulated by the state are way too many at 20 but that number is about to drop with Betway leaving the U.S. market entirely:
FanDuel
Caesars
bet365
BetRivers
Betfred
DraftKings
BetMGM
SBK Sportsbook
Betway
ClutchBet
Fanatics
Bally Bet
SuperBook
Tipico
ESPN BET
SI Sportsbook
Betsafe
BetMonarch
Circa Sports
Sporttrade
Offshore sportsbooks and local bookies using sportsbook software still thrive in the state due to some restrictions. No betting on elections and most entertainment wagering options as well as college player props. Glitchy geolocation software has also been cited among issues tied to regulated sports betting in the state.
Colorado Gambling Tax Rules
Colorado sports bet winnings are taxed at both the federal and state level. All gambling profits are subject to a state income tax of 4.63% in Colorado.
What You Can't Bet in Colorado as of June 2024
College player props are quite popular but prohibited at the regulated sportsbooks. This is where local bookies make out with player prop bet software found with bookie software solutions.
Can I Play on Internet Casinos in Colorado?
Colorado does not currently regulate online casino sites. Many offshore sportsbooks offer online casinos to those in the state as do pay per head sites that offer online casinos as part of their package.
Can I Play Online Poker in Colorado?
Poker is only available via internationally licensed websites like ACR Poker.
Pros and Cons of Gambling in Colorado
Colorado lawmakers are beginning to have second thoughts about the "Wild West" of regulated sports betting. It's one of the states that prohibits betting on college player performance (player prop bets). Mostly though the state embraces the full gamut of sports wagering including the ability to bet on the new sensation Colorado Buffaloes and other state school teams.
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