Basketball Stays Hot For Colorado Sportsbooks But Handle And Revenue Dip
The Colorado Division of Gaming announced the February 2023 monthly sports betting figures. The Colorado sports betting handle was $425.14 million. That’s a 22.3% monthly decrease from January when the total handle was $547.19 million.
The figure is also a year-over-year 3.49% decrease from February 2022, when the betting handle totaled $440.5 million.
Of this total, players gambled $421.60 million online, while the remaining $3.54 million came from betting at Colorado retail sportsbooks.
Revenue from Colorado sports betting reaches $22.6M in February
Colorado reached $22.6 million in February in gross gaming revenue. The figure is a 15.3% increase from the $19.6 million generated in February 2022. But it is a 36.3% decline from $35.5 million made in January 2023.
Players won $402.54 million from betting on sports during the month.
Colorado taxes increase year-over-year but drop monthly
Col orado imposes operators to pay a 10% tax rate of net sports betting revenue. In February, taxes from sports betting totaled $1.26 million, a 51.39% decrease over January’s $2.59 million. The figure is also a 299.48% increase over taxes collected last year during the same period of $314.741.
Fiscal Year Taxes to date (FYTD) for February are $17.24 million. That’s a 116.36% increase from the FYTD Taxes for February 2022 of $7.97 million.
Basketball is still a slam dunk for Colorado sports bettors
With $155.64 million in total bets, professional basketball remained the most popular sport to bet on in Colorado for February.
Here is a look at the top 5 sports that Colorado players bet on in February:
- Professional Basketball with $155.64 million in total bets
- NCAA Basketball with $68.11 million in bets
- American Professional Football with $27.57 million
- Tennis with $25.40 million
- Ice Hockey with $19.64 in total bets
In terms of the percentage of bets by sport, that’s:
- Basketball: 36.6%
- Parlays/combinations: 17.4%
- NCAA Basketball: 16.0%
- Football – Pro-American: 6.5%
- Tennis: 6%
- Hockey – Ice: 5.0%
- Soccer: 4.6%
- Table tennis: 1.5%
- Golf: 1.3%
- MMA: 0.9%
- Boxing: 0.3%
- Other: 3.9%