With the Colorado Avalanche bringing home their first Stanley Cup in over 20 years, June wagers on hockey increased by 177% compared to 2021. The amount wagered reached $29.5 million as the Avalanche played in the Conference Finals and Stanley Cup Finals through June.
Operators are reporting that for the entire Stanley Cup Playoffs, wagers reached a total $97 million.
In June of 2021, wagers on hockey totaled $10.6 million. In the 2021 Stanley Cup Playoffs, the Avalanche were knocked out by the Vegas Knights in the West Division second round. This meant that the Avalanche only played six games in June 2021, compared to the nine in 2022.
Additionally, the 2020-21 hockey season was impacted by Covid-19. It was shortened to a 56-game series and teams were split into four divisions to allow for better isolation.
With the NHL returning to a regularly scheduled season, and the Avs bringing home the Stanley Cup, it’s no surprise that wagers skyrocketed for the sport this summer.
High Hockey Wagers, Fluctuating Overall Handle
While there was an incredible increase in wagers on hockey in June, the total handle across all sports decreased by 13% when compared to May 2022. June handle topped out at $313.2 million, whereas May handle reached $360.3 million.
Despite a slight dip in handle in June, Colorado’s wager activity is still growing overall. A year-to-year comparison shows that there was a 44.64% increase in handle in June 2022 from 2021’s $229.7 million.
The end of the fiscal year in June 2022, accounting for July 2021 through June 2022, also shows that total handle reached $4.8 billion. This is a 75.7% increase from the previous fiscal year of July 2020 through June 2021, which reached a total of $2.7 billion.
Colorado Tax Takeaways
In June 2022, Colorado collected $268,280.48 in tax revenue. Similarly, to handle, this was a decline from May 2022. In May, the state was able to collect $1.6 million in taxes.
However, the overall fiscal year taxes for 2021-2022 show that the state has collected $12.4 million in tax revenue. This is a 53.4% increase compared to the same period in the previous year where the state collected $8.1 million in taxes.
AP Photo/Phelan Ebenhack