May Revenue Insights
$49.04M
$495.33M
9.90%
$3.59M
DENVER, CO
Colorado’s sports betting market brought in just over $495.33 million in wagers in May 2025. Sportsbooks kept $49.04 million of that as gross gaming revenue, producing a 9.90 percent hold rate and $3.59 million in state taxes.
The month’s handle was down slightly from April, but the stronger hold rate helped boost revenue and tax collections. This balance between betting volume and win rate shows how operator performance can shift even when fewer wagers are placed.
How May Compares to the Rest of 2025
Colorado’s sports betting industry has had a steady first half of the year. January remains the peak month so far with more than $657 million in wagers and over $60 million in revenue. March saw a spike in handle from March Madness, but the hold rate was the lowest of the year, which reduced the amount operators kept despite strong betting activity.
| Month 2025 | Handle ($) | GGR ($) | Hold % | State Tax ($) |
|---|---|---|---|---|
| Jan | 657,182,798.16 | 60,909,818.74 | 9.27 | 4,443,573.61 |
| Feb | 496,628,781.25 | 46,377,521.20 | 9.34 | 3,431,765.66 |
| Mar | 618,044,246.70 | 36,247,840.67 | 5.86 | 2,157,554.73 |
| Apr | 507,860,831.16 | 47,275,156.21 | 9.31 | 3,402,121.75 |
| May | 495,332,856.34 | 49,043,012.64 | 9.90 | 3,587,197.98 |
Key takeaways
- May’s handle fell 2.5 percent from April, marking the third monthly decline since January’s peak.
- The 9.90 percent hold rate in May is the second highest of 2025 so far, behind only Januar.y
- State tax collections in May climbed 5.4 percent compared to April, thanks to higher sportsbook win rates.
- March remains the most significant outlier with a high handle but a low hold, showing how bettor-friendly results in key events can cut into operator revenue.
Possible reasons for the changes
The slowdown in total betting volume after March is typical as the sports calendar shifts. By May, NCAA basketball is over, and the NFL season is still months away, leaving the NBA and NHL playoffs and the early MLB season to carry the load.
These sports still draw strong interest, but they also tend to attract different betting patterns. Playoff basketball and hockey can lead to higher-margin wagers like parlays and props, which may explain the jump in hold rate. Baseball betting, on the other hand, often involves smaller average bets and different types of markets.
What it means for Colorado
Colorado remains one of the most consistent sports betting markets in the country. Monthly handle has stayed above $495 million in four of the first five months of 2025, and even during a seasonal dip, tax revenue held steady.
With more than 20 active sportsbooks and a competitive operator landscape, bettors in the state continue to have a wide range of choices. The numbers from May show how shifts in win rate can make up for slight dips in betting activity, an essential trend for both operators and state tax planners to watch.
