Colorado’s sports betting industry continues to demonstrate its resilience and growth, with the recent report of a 12.3% increase in the sports betting handle for December. While the state witnessed a slight decrease in comparison to November’s figures, the year-on-year growth signifies the sustained momentum within the market. Notably, Colorado has emerged as the seventh state to achieve an impressive milestone of surpassing $10 billion in all-time sports wagering handle.
Steady Growth and Dominance of Online Betting:
The figures underscore Colorado’s steadfast progress in the sports betting landscape, with a total handle of $518.1 million recorded for December. This marked a 12.3% surge from December 2021, despite a 6.3% decrease compared to the previous month. The analysis highlights the enduring appeal of sports betting to enthusiasts within the state. The role of online platforms in this growth trajectory is particularly pronounced, with $514.3 million wagered online, reflecting the convenience and accessibility that digital avenues offer to players.
Revenue Performance and Tax Contributions:
Amidst this growth, the Colorado Department of Revenue revealed encouraging revenue metrics. Gross gaming revenue for December totaled $40.9 million, showcasing a remarkable 65.6% increase compared to the same period in 2021. The month-on-month growth also remained robust at 8.8%. In terms of revenue distribution, online gaming led the charge, accounting for $40.7 million, while retail gaming contributed $251,908. These figures exemplify the vibrant economic activity catalyzed by the sports betting industry.
Dominant Sports and Betting Preferences:
The dynamics of sports preferences within the Colorado market are illuminated by the report’s findings. Basketball emerges as the most popular sport for betting, with a substantial $147.9 million in bets registered across both online and retail platforms. Football betting maintains its prominence with a total amount of $137 million, while college football and college basketball contribute $38 million and $33.1 million respectively. These preferences underscore the diverse interests of bettors and highlight the diverse wagering options available.
State Revenue and Growth Trajectory:
Colorado’s sports betting industry is not only a source of entertainment and engagement but also contributes to state revenue. Players’ winnings amounted to $477.2 million, with the state collecting $2.6 million in sports betting taxes for the reported period. The cumulative tax receipts for 2022 stand at an impressive $19.7 million, showcasing the tangible economic impact the industry is making.
Milestone Achievement:
Colorado’s sports betting industry has achieved a significant milestone by becoming the seventh state to cross the $10 billion threshold in all-time sports wagering handle. The cumulative figure of $10.2 billion reflects the sustained engagement and enthusiasm of bettors within the state. The report also underscores the profound influence of mobile wagering, with 98% of the total handle generated via mobile platforms.
Colorado’s sports betting industry continues to carve an impressive trajectory of growth, propelled by online platforms and a diverse array of sports preferences. The sustained year-on-year growth and milestone achievement of surpassing $10 billion in all-time handle underscore the industry’s vibrancy and potential. As Colorado navigates the dynamic landscape of sports betting, it remains poised to contribute to both entertainment and economic prosperity.