Colorado Sports Betting Revenue Slumps In February

In February, Colorado’s sports betting revenue witnessed a significant decline of 27.1%, amounting to $25.8 million. This figure represents a drop from the $35.4 million reported in the same month the previous year. Additionally, February’s revenue was 51.8% lower than January’s $53.5 million. Despite this decrease, it is important to note that player spending, also known as handle, actually increased by 8.6%, reaching $537.0 million.

Online betting played a major role in Colorado’s sports betting landscape, generating $25.9 million in gross gaming revenue in February. However, a loss of $144,982 from retail betting contributed to the overall decline in revenue for the month. It is worth mentioning that the total handle for January was $596.7 million, making February’s figure 10.0% behind.

When analizing the breakdown of sports bets placed by Colorado bettors in February, basketball emerged as the clear favourite. A staggering $229.8 million was wagered on basketball, accounting for 42.8% of all bets placed. Tennis and ice hockey followed with bets amounting to $47.0 million and $33.0 million, respectively. Surprisingly, despite the Super Bowl taking place in February, American football only attracted bets totalling $29.4 million.

Apart from the popular sports mentioned above, college basketball drew bets worth $25.2 million, football accumulated $24.7 million, and table tennis garnered $12.6 million. The month also saw a significant amount of parlay bets, totalling $105.3 million. Overall, consumers won a total of $511.2 million from sports betting in Colorado, with $507.6 million won through online platforms.

In terms of tax revenue, Colorado earned $1.3 million from sports betting in February. Almost all of this amount came from online betting, while retail wagering only contributed $2,509. This discrepancy highlights the growing dominance of online platforms in the sports betting industry.