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The Joker helped make a fool out of Colorado‘s retail sportsbooks in June, as center Nikola Jokic and the Denver Nuggets ran to their first NBA title, putting a notable dent in both brick-and-mortar and overall sports wagering operator revenue totals for June. The state’s Department of Revenue reported $9.2 million in gross revenue for the month, as the total basketball payouts of $68.8 million in winning tickets resulted in a staggering overall loss of $10.8 million from the $57.9 million handle. It was the second straight June that Colorado sportsbooks posted a loss on NBA betting, but last year’s loss was much lighter at just over $788,000 from the $44.1 million wagered.
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Jokic, the NBA Finals MVP, averaged 30 points, 13.5 rebounds, and 9.5 assists in helping Denver go 16-4 in the postseason, including 4-1 in June. The Colorado Department of Revenue does not break out specific numbers by operators. Still, retail books finished with a loss of $674,061 on more than $2.4 million in accepted bets, while mobile operators had a paltry hold of 3.2%.
The win rate under 3% was the third-lowest in 38 months of wagering, ahead of only last June (2.2%) and September 2020 (2%). Despite the heavy losses in hoops — the largest single amount in any sport in state history — June’s total gross revenue represented a 36% year-over-year improvement, as bettors were able to cash on the Colorado Avalanche winning the Stanley Cup in 2022.
The total handle of $310.7 million was down 0.8% compared to June 2022, and the adjusted gross revenue of $2 million was a swing of $4 million in a positive direction. The state was able to claim nearly $442,000 in tax receipts, pushing the total above $12 million for the
Colorado sportsbooks were not the only ones to see a title run impact their bottom line in June. Their counterparts in neighboring Nevada absorbed a $6.6 million loss on hockey wagers as the Vegas Golden Knights completed their quest to lift the Stanley Cup for the first time in franchise history, keeping total Silver State revenue below $10 million.
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