The year’s conclusion brought positive outcomes for both operators and bettors in Colorado, with metrics surpassing previous records and reaching new heights.
According to the financial report released by the Colorado Department of Revenue, bettors in the state placed bets totaling $716.4 million in December. This marked a 17.7% increase from the $608.5 million recorded in November 2023, establishing a new record in monthly sports betting handle.
It was also a 38.3% increase compared to the $518.1 million wagered in the corresponding month of the previous year. Most of the Colorado sports betting handle, totaling $712 million, was generated through online sportsbooks, while retail lagged significantly with only $4.5 million for the month.
Bettors were not excluded from the action as the report shows operators disbursed $675.9 million in winnings. Online bettors garnered an impressive $671.5 million, while their retail counterparts secured $4.4 million.
Throughout 2023, Colorado saw a remarkable surge in sports betting handle, reaching a total sum of $5.5 billion, a significant uptick from the previous year’s $5.1 billion.
While 11 out of the 12 months experienced a year-over-year increase in handle, the state fell short of replicating this growth in June 2023.
Revenue Dipped by 0.1% in December
In December, Colorado witnessed a historic surge in betting activity, yet the subsequent revenue growth experienced a marginal decline.
The state reported a gross gaming revenue of $40.5 million, reflecting a substantial 41.6% increase compared to November’s $28.6 million. However, in a year-over-year comparison, the revenue figure fell slightly by 0.1% from the $40.9 million posted in the previous year.
Online operators generated $40.5 million in revenue, while retail locations combined for a modest $63,546. The operators’ win percentage also rose from November’s 4.7% to 5.6%, as bettors continue to hold the advantage.
There was also an unprecedented tax remittance surge, primarily attributed to the substantial sports betting handle processed during the month.
Out of the $25 million net revenue reported, the state imposed taxes of $3.6 million on operators. This marked a double increase compared to November and a 42% year-over-year growth.
Bettors Persist in Favoring American Football for Wagering
As the National Football League season approaches its conclusion, enthusiasts placed the highest bets on the sport. A staggering $193.1 million in wagers were recorded, securing its position as the fans’ top choice, while basketball followed closely with $171.4 million in bets.
College football saw notable action, with wagers totaling approximately $45.8 million, while college basketball drew bets worth $29.8 million. Parlays secured a significant share, amassing $204.2 million. In addition, hockey and soccer contributed $15.2 million and $13.9 million in bets, respectively.
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