Colorado sports betting handle down by 22.3% in February
The state is one of many throughout the county that has reported February declines.
The Colorado Division of Gaming has released its sports betting figures for February 2023. The division reported a 22.3% decrease in the state’s sports betting handle, when compared to results from January, while the state posted total handle of $425.1m for last month.
However, Colorado does not stand alone in this trend. Other states across the country have posted similar February results, including Virginia and Ohio. In Virginia, lottery recently reported a decrease in sports betting activity during the month, to the tune of a 15% decline in sports wagering and ended its four-month streak of breaking the $500m mark.
Colorado’s report also reflected a drop in its handle year-over-year. Sports betting wagers fell by 3.49% when compared to results from February 2022.
Yet, the state has found a silver lining in its online sports wagering apps. Colorado’s bettors have access to more sports betting app than any other state residents.
The state currently has 26 online sportsbooks, which continue to gain forward momentum and boost Colorado’s online sports betting figures, despite dropping land-based betting numbers, according to the division’s report.
Chart credit: Colorado Department of Revenue
In a breakdown of betting activity for specific sports, Colorado residents wagered the large amount on professional basketball, with a total of $156m in bets. NCAA basketball and American pro football grabbed the number two and three spots, with wagering totals of $68m and $28m respectively.
The decline in Colorado’s sports betting handle also created a small tax contribution in February. Taxes paid during the month were 51.39% less than what the state paid in January. Colorado sports betting contributed $1.25m in taxes.
February’s tax total, however, was considerably larger than taxes paid out last year. Taxes were up 299% year-over-year.
Since the Supreme Court overturned PASPA in 2018, online gambling is currently available in more than 35 states, with 18 of those allowing for legal online sports wagering.
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