Despite a slight decrease in total sports betting handle, Colorado witnessed a remarkable 80% surge in gross gaming revenue in February compared to the previous year. The state recorded $496.63 million in wagers, reflecting steady growth in the in-state sports betting sector despite a dip from the previous month.
Colorado’s fiscal year-to-date wagering figures surpassed $4.31 billion, showcasing a 4.71% increase from the previous year. Notably, the state also saw a significant rise in tax revenue, with over $24.5 million collected so far, marking a 19.07% increase compared to the previous year.
Director of Gaming Christopher Schroder expressed satisfaction with the state’s progress, emphasizing the positive impact of a thriving sports betting industry on Colorado’s economy. The tax revenues generated are contributing to essential public initiatives, such as water conservation efforts.
February’s betting landscape in Colorado was predominantly influenced by basketball activities, with online betting accounting for a significant portion of the wagers. Online sports betting emerged as the preferred choice for Coloradans, with over $493.6 million in online wagers compared to $2.99 million from retail outlets.
Online betting also proved to be a major revenue driver, contributing $46.2 million in gross gaming revenue, while retail betting generated a modest $152,547. The growing preference for digital sportsbook platforms underscores the shift towards online betting in the state.
While Colorado may not match the top sports betting revenue earners like New York and Illinois, its consistent wagering patterns and tax revenue generation position the state as a significant player in the US sports betting market. Despite monthly fluctuations, the overall revenue growth and tax returns indicate long-term stability in the sports betting sector.
With the NBA playoffs approaching and the MLS season in full swing, Colorado’s sports betting industry is poised for continued growth in the coming months. The success of local teams like the Nuggets and the Rapids is expected to further boost betting activity, leading to increased tax revenues that will benefit both the state and its residents.