Colorado Becomes Sixth State to Surpass $6B in Sports Betting Handle

Spread the Word:

Colorado became the sixth US state to surpass $6 billion in the post-PASPA sports betting handle in February. New Jersey, Nevada, Pennsylvania, Illinois, and Indiana are the other five.

According to the numbers released Thursday by Colorado Division of Gaming, retail and online sportsbooks saw a total handle of $440,508,421, a 23.2% decrease from the record-breaking January handle of $574 million.

It was also the lowest handle since Sept. 2021.

While month-over-month saw a huge but expected decline, Colorado sports betting grew 65% year-over-year.

In February, gross revenue of $19.6 million represented a 43.4% dip from January’s $34.6 million. The hold rate for the month was 4.5% – almost 1.6% points lower than a month prior.

Colorado officially launched its sports betting industry in May 2020.

Revenue Detail

Colorado sportsbooks generated $19.6 million in gross revenue this February, which resulted in a $1.1 million loss in net sports wagering proceeds. It has happened for the second time in the state’s nearly two years of legal sports betting history.

A sharp decline in the handle, promotional credits (thanks to Super Bowl betting), and a great performance by the residents led to the net loss. Football contributed to the only other monthly adjusted revenue deficit in Sept. 2020, when Colorado sportsbooks had collectively reported almost $3.4 million in losses.

Promotional credits and other deductions totaled over $20 million for the second straight month. The nearly $43.7 million through January and February this year is equal to almost 30% of the $146.7 million witnessed in promotional credits and deductions for the calendar year of 2021.

The Centennial State could still draw some tax revenue from February activity, with sportsbooks providing nearly $315,000. The first two months of 2022 reported an 11.2% decline in adjusted revenue from the same period last year. Still, the state has raised $234,712 more in taxes so far this January and February.

65% Year-Over-Year Increase

Despite the slim handle and revenue loss, Colorado sports betting saw a considerable increase from February 2021.

This February, the total sports betting handle of $440.5 million was up 65.3% from $266.5 million reported last February in the Centennial State.

Meanwhile, gross revenue swelled to 88.5% from February 2021’s $10.4 million. Almost a similar trend is also reflected in the state tax revenues.

Taxes raised by Colorado in February from sports betting totaled $314,731. Fiscal year taxes through February almost touch the $8 million mark, reflecting a 92.3% rise from the same period in 2020-21.

Super Bowl Betting Also Swelled

The Super Bowl handle also saw an increase to just over $41 million in in-state betting. It represented a 31% jump from the 2021 total of $31.2 million.

Overall, however, NFL betting resulted in a net loss for the state’s sportsbooks last month.

Pro football posted a $31. 4 million handle. But the NFL bettors were paid out $33.4 million, which resulted in a net loss of nearly $2 million. But it was much less than the $3.7 million in operator loss from nearly $24.2 million wagered on Feb. 21.

In January, the NFL had generated $144.1 million in accumulated sports betting handle in Colorado, resulting in $6.7 million in revenue.

Basketball Rules the February Chart

Unsurprisingly, basketball led the February chart by posting a $155.6 million handle. Operators kept over $6.6 million as revenue from NBA betting – the top attraction for Coloradans for the third consecutive month.

College hoops was a distant second with a $68.2 million handle.

Professional hockey posted a little over $24 million in February handle, with more than doubled revenue ($1.8 million).

Soccer reached an all-time high handle in February with $18.9 million. Table tennis continued to attract its fans in February, which brought nearly $7.3 million in handle and over $600,000 in revenue.

Nearly $78.5 million was wagered on parlay bets, which saw around $6.7 million in operator revenue. With February’s report, Colorado bettors also crossed $1 billion in all-time parlay betting.

Related News

Colorado
May 27, 2021

Bally’s Launches First Mobile Sportsbook In Colorado

Bally’s Corporation announced Monday it has entered the mobile sports betting market with the beta launch of Bally Bet in Colorado. Bally Bet- which is developed by Bet.Works- will now […]

read more
Colorado flag
June 1, 2021

Colorado Reports $244.4M in April Sports Betting Handle

Colorado sports betting witnessed a general decline in April handle, with the state reporting $244.4 million in bets for the month. The Colorado Division of Gaming had released unofficial numbers […]

read more
Colorado sign
May 4, 2021

Colorado Sports Betting Sees its Second-Largest Handle in March

US sports betting’s rebound continues with Colorado reporting $301 million, its second-largest handle in March since the industry’s launch. The March handle also saw a 12.9% increase from February’s $266.5 […]

read more
January 1, 2020

Colorado Charitable Gaming Laws

Colorado’s charitable gaming laws allow bingo and raffles. There is no provision for so-called Las Vegas or Monte Carlo nights that offer casino-style games like blackjack or roulette or card […]

read more
CO
March 31, 2021

February Brings Colorado’s First Sports Betting Declines

With $266.5 million in bets for February, Colorado sports betting saw its first month of decline in its monthly handle since its May 1 launch. According to official figures released […]

read more
January 1, 2020

Colorado Gambling Laws

  Allowed Notes Land-Based Gambling Yes Pari-mutuel wagering and tribal casinos Online Gambling Yes Online sports betting, Daily fantasy sports, horse race betting, and skill games Lottery Yes   Charitable […]

read more
Sporttrade
August 6, 2021

Sporttrade Gains Colorado Sports Betting Access Through Momentum Sports Acquisition

Sporttrade, the self-proclaimed first regulated sports betting exchange in the US, has gained access to the Colorado sports betting market through a deal. The Philadelphia-based fintech announced the market access deal […]

read more
MaximBet signs Blackmon
July 15, 2021

WynnBET Inks Sports Betting Deal With Colorado Rockies

WynnBET has announced a partnership with the Colorado Rockies, the sportsbook’s second Major League Baseball partnership in a month. In a multi-year deal announced Wednesday, WynnBET will serve as the […]

read more
Bally Bet
July 4, 2021

Bally Bet Goes Live in Iowa After Maiden Launch in Colorado

Bally Bet has gone live in Iowa sports betting, the second state for the Bally’s mobile sportsbook after its last month’s beta launch in Colorado. Bally’s Interactive, a division of […]

read more
Colorado
July 28, 2021

Colorado Sports Betting Posts Third-Best Revenue Figure in June

Despite a nearly 8% decline in June, Colorado sports betting posted its third-best revenue figure in history with a whopping $19.7 million in gross gaming revenue. According to the latest […]

read more
Colorado mountains
March 1, 2021

Colorado Sports Betting Shatters Handle Record With $326M in January

Following the general trend, Colorado sports betting posted its highest monthly handle in January since its launch in May 2020. The January handle of $326.9 million outshone the previous record […]

read more
Playing field in Colorado
November 22, 2020

PointsBet Launches Sports Betting in Colorado

PointsBet has officially launched its online sports betting operations in Colorado, the fifth state where the sportsbook will now operate. The Denver-based company partnered with Double Eagle in Cripple Creek […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.