The Colorado Department of Revenue reported a sports betting handle of $537 million for the month of February this Thursday as Centennial State bettors continued to be tough out for operators.

Handle was up 26.3% compared to the $425.1 million wagered in February 2023. The $1.13 billion handle for the first two months of the calendar year is the most in Colorado history, beating out the $1.01 billion from January and February in 2022.

Gross sports betting revenue did not keep pace, rising only 14% to $25.8 million. The state’s 21 mobile operators and 10 retail books combined for a 4.8% hold, dragged down by the brick-and-mortar venues paying out $145,000 above the $3.5 million wagered.

After accounting for the federal excise tax, promotional credits and bonuses, carryover losses, and other deductions, the state was eligible to levy taxes on $11.7 million in adjusted gross revenue. That resulted in an inflow of $1.3 million into tax coffers, and the $5.4 million collected in the first two months is nearly $1.6 million ahead of last year’s pace.

1 New York $1.78B
2 New Jersey $1.08B
3 Nevada $711.9M
4 Ohio ~$672M
5 Penn. $661.7M
6 Virginia $545.1M
7 Mass. $542.5M
8 COLORADO ~$537M
9 Maryland $442.6M
10 Michigan $415.8M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) April 4, 2024

The record $53.5 million in gross revenue in January — an all-time high in 46 months of betting — and the top-five handle of $592.2 million has contributed to an increase in year-to-date numbers versus 2023. Handle is up 16.6% while gross revenue has surged 36.4%.

Even with the sub-5% hold in February, the overall win rate is 7%, more than one full percentage point better than 2023. Adjusted revenue is up 45.7% to $50.2 million, contributing to the notable increase in tax revenue.

The low hold comes despite operators performing well when it came to wagering on Super Bowl LVIII. The Department of Revenue reported a 22% increase in handle for the NFL’s signature event to $46.4 million, while sportsbooks had a 14.4% win rate to claim $6.7 million in gross revenue.