After a strong January, its not surprising that February was unable to build on the burst in handle and revenue for the legal online Colorado sports betting operators.
February should just be a small blip with the NCAA tournaments starting in March.
But with that said, Colorado sportsbooks reported $496.6 million in action, down 24% from January. Revenue was also down by a similarly large 22%, with the state’s tax bill coming to $3.4 million.
As sports betting solidifies in a state, the operators improve their revenue, whether its with fewer promos, more industry-friendly lines, and so on.
Year-over-year numbers show what that can look like for the Centennial State. Compared to February 2024 handle fell 7.5% from $537 million but revenue-wise the sportsbooks nearly tripled their net proceeds. A year ago, the state’s tax haul came to $1.3 million.
"After a record-setting January for sports betting, February continues to show growth with over $24.5 million collected in Fiscal Year To Date Taxes," Director of Gaming Christopher Schroder said. “A strong, safe, and fair sports betting industry is good for Colorado and its bettors. The funds they raise each month are helping Colorado fund water conservation efforts.”
As we dive down deeper, Colorado’s sportsbooks, both retail and online, improved their hold percentage versus January. The books held 9.3% of the bets they wrote and the brick-and-mortar locations specifically reported a 5.1% hold, which was more than double to the month prior.
Basketball the top sport to bet on
After supplanting football as the most-bet sport in January, the gap between basketball and the other sports only grew in February.
NBA wagers (not counting parlays) as a whole were larger than the next four sports combined. But with that said, NBA bets declined month-over-month, but so did many other sports.
With just the Pro Bowl game and the Super Bowl, pro football action was still impressive with $26.3 million, and it appears Colorado was backing the Philadelphia Eagles since both retail and mobile operators paid more than they took in.
| Sport | Handle |
|---|---|
| Basketball | $165 million |
| NCAA Basketball | $60.6 million |
| Tennis | $27.6 million |
| Soccer | $27.5 million |
| Table Tennis | $27 million |
| Football | $26.3 million |
| Ice Hockey | $15.2 million |
| Golf | $6.2 million |
| MMA | $3.2 million |
| Parlays | $116 million |
| Other | $20.7 million |
