Colorado Sports Betting Up 235% From Last Year

Written By Adam Hensley on 02/02/2023 - Last Updated on February 16, 2023
colorado sportsbook revenue basketball betting december 2022

Colorado sportsbooks closed out the 2022 calendar year on a high note, according to the Colorado Department of Revenue.

The latest figures show that Colorado sports betting resulted in roughly $2.6 million in taxes. That number is a slight increase (0.08%, to be exact) from November. It is, however, a 235.3% jump compared to December 2021. That month, sports betting taxes came out to $770,561.

Looking at fiscal year taxes to date, Colorado hit $13.4 million. It’s a 115.9% leap from the fiscal year taxes to date back in December 2021 ($6.2 million).

Additionally, Colorado sportsbook operators saw a statewide gross revenue total of $40.9 million. December’s mark stands as the second-highest total only to September 2022. Operators saw a 7.9% win rate as well.

Here’s a closer look at the Colorado Department of Revenue’s report.

Colorado sportsbooks saw fewer bets in December

Colorado’s sports betting handle for the month of December totaled $518.1 million.

Month to month that equates to about a 6.25% drop in handle. In November, sportsbooks saw $552.6 million in total bets– the second-highest handle in Colorado history. Since Colorado legalized sports betting, just five months exceeded the $500 million handle mark. December stands as the latest in a line of three consecutive months.

Colorado sports betting handle shows year-to-year growth

Despite a month-to-month decline in handle, the Colorado sports betting industry displayed positive growth late in the year. In December 2021, Coloradoans wagered $475.4 million. December 2022’s figures show a 12.3% increase in sports betting handle year-to-year.

Colorado basketball betting dominates

For the second month, basketball betting stood as the most popular in the Colorado online gambling market.

CO sportsbook customers bet roughly $147.9 million on basketball in December, accounting for 29% of total bets. That’s almost a $7 million increase from November’s figures.

The success of the Denver Nuggets could easily play a role. The Nuggets own the best record in the Western Conference as of Thursday. During December, they held firm in their position, posting a 9-5 record over that stretch.

And just like in November, professional football betting was second-most popular in Colorado. As the NFL season peaked, sports bettors wagered close to $137 million on the sport. That stands as a $2 million jump from November’s data. Professional football accounted for 26.5% of bets in December.

College football and basketball were the third and fourth-most popular sports. Coloradoans gambled $38 million on college football in December. It was a $10 million drop from the month prior, but it makes sense. December consists mainly of bowl games, so customers have fewer betting opportunities. College basketball’s handle of $33.1 million showed a dip, albeit slight, as well. College football wagers made up 7.3% of the total, while college basketball bets tallied 6.4%.

Bettors also wagered $25.5 million on soccer, $19.8 million on hockey and $10.4 million on tennis.

CO online sports betting continues to dominate

Matching a national trend, Colorado bettors wagered the majority of their bets online compared to retail. In December, $514,272,416 worth of bets through online sportsbooks. That’s almost $510 million more than the retail handle of $3,816,352.

Colorado sportsbooks hit a national milestone

Colorado became the seventh state to surpass $10 billion in all-time sports betting handle. The six other states are:

  • Illinois
  • Indiana
  • Nevada
  • New Jersey
  • New York
  • Pennsylvania

Colorado reached that mark within 32 months of legal sports betting, and more than half of that handle came in 2022.

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Adam Hensley

Adam Hensley is a journalist from Des Moines, Iowa, who currently works for the USA Today Network. His byline has appeared in the Associated Press, Sports Illustrated and sites within the USA Today Network. Hensley graduated from the University of Iowa in 2019 and spent his college career working for the Daily Iowan’s sports department, both as an editor and reporter.

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