Colorado Sportsbooks Join New All-Time Handle Club After December

Written By Matthew Waters on February 1, 2022
Colorado sportsbooks

December results for Colorado sportsbooks match much of the rest of the US: a slight decrease in handle with a bigger dip in revenue.

Colorado bettors wagered $461.4 million in December according to the report, down 2.9% from November but up 62.2% over last December.

That brings Colorado sports betting handle to more than $5 billion in the 20 months since it launched in May 2020. That has led to $325.9 million in gross revenue but just $14.7 million in taxes.

Could Colorado change promo deduction rule?

Sports betting revenue was $24.7 million, down 32.8% from November thanks to some bettor-friendly results.

That, of course, is before promos, which Colorado sportsbooks can deduct from taxable revenue. Operators deducted $19.5 million in promos leaving $5.3 million in taxable revenue and $770,370 paid in taxes.

The original enabling legislation allows free bets to be deducted from taxable revenue indefinitely. However, Colorado Speaker of the House Alec Garnett said at July’s NCLGS conference that his state might consider legislation removing the deduction after some period of time.

The same situation is true in Virginia but one of the authors behind the bill to legalize VA sportsbooks wants that to change. HB 1103 would limit those deductions to the first 12 months after an operator launches in Virginia.

If Colorado did not allow deductions, tax revenue would have been $32.6 million for those 20 months based on the 10% tax.

Football, basketball, parlays lead Colorado sportsbooks

More than half of December’s handle came from professional football and basketball alone. The NFL led all sports with $136.5 million bet. Books held 5.4% for nearly $7.4 million in revenue.

Pro basketball was a close second with $125.5 million in handle. Hold was an even slimmer 3.5% for $4.5 million in revenue.

The third most-bet segment was parlays with $79.4 million in handle. Sportsbooks held 10.5% to lead all segments with $8.3 million in monthly revenue.

Mobile CO sports betting accounted for more than 98% of all handle in December.

December totals across US down from November

December did not give US sports betting operators the final month of results they wanted to wrap up 2021 on a good note.

With 22 jurisdictions reporting, December’s handle is 2.7% off November with revenue down 50.9%.

StateDec. 2021 revenuevs. Dec. 2020vs. Nov. 2021
New Jersey$59,047,673-11.1%-48.6%
Nevada$15,960,000-61.2%-77.8%
Pennsylvania$37,953,474-16.3%-55.3%
Michigan$35,870,4371804.7%-38.6%
Indiana$25,772,4286.0%-45.9%
Colorado$24,732,48744.2%-32.8%
Tennessee$24,600,00077.0%-33.3%
Iowa$13,371,19777.4%-32.3%
Connecticut$8,879,733NA-46.7%
New Hampshire$2,645,934-41.7%-57.1%
West Virginia$4,144,869-35.9%-41.7%
Mississippi$3,238,730-58.3%-66.0%
Rhode Island$1,177,717-53.5%-82.4%
Louisiana$4,380,930NA-22.9%
Oregon$2,597,503-14.9%-41.3%
New York$764,614-66.1%-80.7%
Washington DC$1,398,706-48.4%-68.5%
Delaware$-968,520-131.3%-121.2%
Wyoming$813,504NA-40.3%
Arkansas$47,599-95.5%-97.1%
Montana$643,0008.1%-26.8%
South Dakota$10,306NA-86.2%
Total$267,082,3216.1%-50.9%
StateDec. 2021 handlevs. Dec. 2020vs. Nov. 2021
New Jersey$1,229,561,89123.4%-2.3%
Nevada$1,014,986,61872.5%-6.5%
Pennsylvania$750,388,69636.8%-1.5%
Michigan$514,630,5365194.3%2.8%
Indiana$463,015,61347.9%-0.1%
Colorado$461,448,57462.2%-2.9%
Tennessee$341,800,00088.9%-6.5%
Iowa$266,518,049154.3%-7.2%
Connecticut$150,073,755NA13.9%
New Hampshire$86,449,52867.4%3.9%
West Virginia$57,274,811-18.3%-32.0%
Mississippi$56,839,7432.8%-6.2%
Rhode Island$54,935,498141.3%4.1%
Louisiana$39,495,003NA42.9%
Oregon$33,743,75425.0%3.3%
New York$21,129,98113.7%-1.8%
Washington DC$19,220,22715.1%-10.3%
Delaware$12,638,955-19.5%-18.8%
Wyoming$12,285,012NA12.0%
Arkansas$7,794,29221.5%-7.0%
Montana$4,920,000-11.7%8.6%
South Dakota$675,312NA-5.9%
Total$5,599,825,84868.9%-2.7%

Colorado slides in at sixth for now in terms of December handle rank but there are still some big states left to report:

Matthew Waters Avatar
Written by
Matthew Waters

Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.

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