Colorado Records All-Time High Betting Handle in December
LISTEN TO THIS ARTICLE:The state of Colorado has reported hitting a record sports betting handle of $716.4m in December 2023, an increase of 38.3% compared to the $518.1m wagered in December 2022. The figure was also 17.7% higher than the previous record of $608.5m set in November 2023.
As usual, internet betting contributed the highest wagers at $712.0m. Retail bets accounted for the remaining $4.5m of the total.
Revenue Sees Slight Decrease Year-on-Year
In terms of gross gaming revenue, operators in the Centennial State generated $40.5m in December. Interestingly, this revenue was 0.1% lower than the $40.9m recorded in the same month of the previous year. However, it surged 41.6% compared to the $28.6m gotten in November 2023. Retail betting accounted for only $63,456 of the monthly revenue, while online betting contributed over $40m of the total.
American football was the most popular sport amongst Colorado bettors in December, accounting for $191.3m of the handle. Basketball followed closely with $171.4m, and college football brought in $45.8m. The combined total for parlays and combinations in the month reached $204.2m. The state collected $3.7m in the form of income taxes for the month, while players’ winnings totaled $675.9m.
Related: Colorado Governor Rejects Casino Credit Bill Citing Ethical Concerns
New Operators Enter Colorado
Since Colorado launched its betting market in May 2020, the jurisdiction has been a magnet for operators looking to capitalize on the high popularity of sports in the state. In December, Colorado welcomed a new operator, Fanatics, into its betting market. Fanatics took over from PointsBet in the state after acquiring its US business.
Microbetting operator Betr is also gearing up to launch in the state after securing market access via its partnership with Boulter Developments.
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