Hoops Bets Boost February CO Sports Betting Handle To $537 Million

Written By Dan Holmes on 04/10/2024
Denver Nuggets guard Julian Strawther taking a shot for a story about how basketball boosted Colorado's sports betting handle in February.

Thanks to tremendous interest in basketball from bettors, Colorado sports betting total handle increased by 21.9% year-over-year in February. The state reported $536.9 million in total handle in February, roughly $110 million more than the same month in 2023.

The win percentage of sports betting operators was 4.80% in February, down from 8.96% in January. That dip resulted in gross gaming revenue that was less than half of what was taken in during January: $25.7 million compared to $53.4 million, a state record.

Sportsbooks in February paid the state $1.3 million in tax revenue.

As usual, most Colorado sports betting done online

More than half a billion in total handle came from Colorado online sports betting in February: $533.4 million. Retail sportsbooks generated $3.5 million.

Betting on basketball should bounce even higher once the Colorado Department of Revenue reports March’s numbers. March Madness is always popular with bettors in Colorado.

Last year, Colorado topped $45 million in revenue and $500 million in total handle in March.

Basketball accounts for 43% of total handle in February

The popularity of defending NBA champs Denver Nuggets could be seen in Colorado sports betting numbers in February.

Betting on NBA games in February accounted for roughly $2 of every $5 wagered on sports in the Mile High State.

  • Pro basketball: $229.75 million in total handle (42.7% of all money wagered)
  • Professional tennis: $46.69 million
  • Hockey: $33.03 million
  • Pro football: $29.42 million
  • NCAA basketball: $25.20 million
  • Soccer: $24.63 million
  • Table tennis: $12.59 million
  • Golf: $6.14 million
  • Mixed martial arts: $4.42 million

Colorado reports the total handle that comes from parlays. In January, a remarkable 45.1% of all dollars wagered came from parlay or combination bets of some sort. But in February, that figure went back down to more normal territory, at 19.6%. That drop is most likely due to the end of the NFL season, which accounts for many parlays from September to January.

Photo by AP Photo / David Zalubowski
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Dan Holmes

Dan Holmes writes about sports betting, sports media, and sports betting legislative matters. He's the author of three books, and previously reported for Major League Baseball, as well as the National Baseball Hall of Fame and Museum.

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