Sports betting in Colorado passed the $6 billion mark for total dollars bet since launch in May 2020 with February‘s results.
Handle was $440.5 million for February, down 23.2% from January’s record $573.7 million bet. Sports betting revenue dropped month-over-month, too, to $19.6 million with a 4.5% hold.
That $19.6 million is gross, though, and does not translate to taxable revenue. Operators deducted $20.7 million for the month to drag total net sports betting proceeds to a loss of $1.1 million. The Colorado sportsbooks that did not report a negative revenue paid a combined $314,731 in February taxes.
Colorado sports betting grows year-over-year
While the sequential numbers dropped off because of the lack of NFL betting opportunities in February, year-over-year comparisons are strong.
Handle is up 65.3% from last February with gross revenue up 87.7%.
Betting in fiscal 2022 is up 89.1% from the same period in fiscal 2021 with more than $3.2 billion bet from July 2021 to January 2022. Taxes paid over the same period totaled nearly $8 million, which is about double what was paid for the same period in fiscal 2o21.
Basketball takes the mantle
Betting on professional and collegiate basketball combined for more than half of the state’s total handle in February.
Pro basketball accounted for $155.6 million in handle to lead all sports for the month. Revenue was $6.6 million, though, or a 4.3% hold.
Bettors won at an even higher rate when it came to college basketball betting. Sportsbooks kept just under $2 million of the $68.2 million bet for a 2.9% hold.
College basketball should see much bigger numbers in March thanks to March Madness betting.
Mobile clearly king in the Rockies
Colorado’s retail sportsbooks are limited to casinos which are only allowed in three remote mountain towns in the state.
That lack of casinos in local communities means a lower retail betting rate than many other states. Mobile accounted for $434.9 million, or 98.7%, of the total bets in February. That is compared to 91.3% bet on mobile NJ sportsbooks and 93.5% for online PA sportsbooks.
The mobile market got its 26th sportsbook in March when Betsafe, a B2C brand from Betsson, made its US debut in Colorado. The 27th could be bet365 as its license partner anticipates a launch in the second quarter.