Colorado Sports Betting Slips For First Time Since Launch

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Colorado sports betting

Colorado sports betting handle dipped in February for the first time in its brief history.

The monthly handle of $266.5 million was down from January’s record of $326.9 million, according to a Colorado Division of Gaming report released Monday.

CO sports betting generated $10.4 million in gross gaming revenue, representing a 4% hold. The state collected $322,227 in taxes off the action. That’s down from $23.1 million and $531,489 in January.

Colorado sports betting almost exclusively online

Bets in the state continue to arrive largely online, totaling 97%, or $258.2 million, in February. The state’s market launched in the midst of the pandemic shutdown and has maintained its status as a primarily mobile market.

Retail sportsbooks took $8.3 million in bets — up from January’s $7.5 million, but lost $547,436.

The state doesn’t release a breakdown of handle based on sportsbook operator.

NBA rules Colorado sports betting

For the second consecutive month, NBA betting was tops in Colorado.

Table tennis continued to chart in the top five sports, coming in fourth.

The top five sports:

Bettors placed $39.9 million in parlays.

Football’s absence presents an expected dip

With the Super Bowl making up the only football wagers, the dip was expected in the still-maturing market.

It was the first monthly dip since legal Colorado sports betting launched in May 2020. Despite the lag, February still was the third-highest handle on record in Colorado, just behind December’s $284.5 million.

Other more-established legal markets also dipped last month. In those states, the month-over-month declines were still year-over-year gains compared to February 2020.

StateJanuary 2021February 2021February 2020
New Jersey$958.7 million$742.9 million$494.8 million
Nevada$646.5 million$554 million$489.1 million
Pennsylvania$615.3 million$509.5 million$329.8 million
Indiana$348.2 million$273.9 million$187.2 million

Colorado is now the seventh-largest legal market in the US as relative newbies Illinois and Michigan have surpassed it.

Colorado neighbor coming online?

Wyoming legislators are looking to finish up a surprise entry to the US sports betting market.

After making it through the House on a reconsideration vote, the Wyoming Senate passed a bill on Monday.

If the two chambers can agree on a final form, it should head to Gov. Mark Gordon soon. That could take a small chunk of Colorado bets.