February revenue numbers are in from the Colorado Division of Gaming. Colorado’s sports betting handle took quite a hit in February compared to the previous month. The total handle was down 22.3% at $425.1 million compared to $547.2 million in January.
Comparing year-on-year figures, that is a 3.49% decrease compared to the total handle in February 2022 at $440.5 million.
State got more tax revenue year-over-year in February
Coloradans have the most online sports betting apps available to them than players in any other state. With a whopping 26 online sportsbooks, Colorado online sports betting is thriving despite a dip in February numbers.
For the month of February, the taxes resulting from sports betting in Colorado came to a total of $1.25 million, down a staggering 51.39% compared to January’s $2.59 million in taxes.
Taxes collected by the state in February, however, were up 299% compared to $314,741 in February 2022.
In looking at fiscal year taxes to date, the total is at $17.24 million, a 116% increase from FYTD taxes in February 2022 at $7.97 million.
Black Hawk far outpaced other Colorado towns with sportsbooks
In looking at net sports betting proceeds, here is the breakdown of the actual revenue each town is taxed on and the amount of actual taxes paid. These amounts are fewer bonuses paid out as well as 25% federal excise tax on handle.
- Black Hawk: $9.3 million; $999,000
- Central City: $240,000; $9,600
- Cripple Creek: $2.4 million; $249,000
- Approximate Total: $12 million; $1.3 million
Basketball remains most popular sport to bet on in February
As was the case in January, professional basketball sits at the top for most popular sport to bet on in Colorado for the month of February, with $155.6 million in total wagers.
The Denver Nuggets currently lead the Western Conference in the NBA with a 52-26 record and an impressive home record of 33-7.
The NBA playoffs begin April 15. Fans will definitely be looking to bet on their Nuggets to go deep. The Colorado team has yet to win an NBA championship or a conference title. Will this be the year both happen?
Here is a look at the most popular sports that patrons bet in on Colorado for the month of February:
- Professional basketball: $156 million
- NCAA basketball: $68 million
- American professional football: $28 million
- Tennis: $25 million
- Ice hockey: $20 million