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Basketball Stays Hot For Colorado Sportsbooks But Handle And Revenue Dip

Colorado Financial News
Written By Katarina Vojvodic on April 4, 2023
Basketball Stays Hot For Sportsbooks In Colorado February 2023 Revenue
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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:

  1. Professional Basketball with $155.64 million in total bets
  2. NCAA Basketball with $68.11 million in bets
  3. American Professional Football with $27.57 million
  4. Tennis with $25.40 million
  5. 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%
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for Playin USA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario?s online gambling industry for PlayCanada.com. Vojvodic holds a master?s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

View all posts by Katarina Vojvodic

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