In February, Colorado’s sports betting industry continued to demonstrate its resilience, reporting a total handle of $425.1 million. While this figure represents a modest decrease from the previous month, it underscores the state’s enduring appeal as a sports betting hub. Despite a year-on-year dip, Colorado maintains a robust market for sports enthusiasts and bettors alike.
Handle Highlights:
Colorado’s sports betting handle for February amounted to $425.1 million, reflecting a decline of 22.3 percent compared to the impressive figures recorded in January, where the handle reached $547.2 million.
Year-on-year, there was a slight 3.5 percent decrease in the sports betting handle. This marginal decline indicates the steady and established nature of Colorado’s sports betting market.
Of the total handle, a substantial $421.6 million was wagered online, showcasing the continued dominance of digital platforms in the state’s sports betting landscape. Retail sportsbooks contributed $3.5 million to the overall handle.
Revenue Insights:
The Colorado Department of Revenue reported a gross gaming revenue (GGR) of $22.6 million for February, marking a significant increase of 15.3 percent when compared to the same month in 2022.
Online gaming revenue accounted for the majority of the GGR, reaching $22.5 million. This highlights the robust performance of online sports betting platforms in Colorado.
Popular Sports for Betting:
Among the various sports available for betting, professional basketball emerged as the most popular choice, with a total of $156 million in wagers placed across both online and retail platforms.
NCAA basketball followed closely behind with $68 million in bets. The popularity of these basketball events demonstrates the fervor of Colorado’s sports bettors.
Football betting contributed $28 million, while tennis and ice hockey recorded bets of $25 million and $20 million, respectively.
Tax Contributions:
In February, taxes resulting from sports betting in Colorado amounted to $1.25 million. Although this figure represents a decline of 51.4 percent compared to January’s tax revenue of $2.59 million, it remains a vital source of revenue for the state.
Colorado’s sports betting industry continues to thrive, even with slight month-to-month fluctuations. The February handle and GGR figures, coupled with the popularity of basketball betting, highlight the state’s ongoing status as a sports betting destination. As the market evolves and matures, Colorado remains a key player in the broader landscape of sports wagering in the United States.