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