Colorado posts $536.9m February sports betting handle; $25.8m reveue
Wagers fell during the month when compared to results from January, while retail outlets actually lost money.
The Colorado Division of Gaming has published its sports betting results for February. The regulator serves as part of the Colorado Department of Revenue (CDOR).
During the month, Colorado’s total handle reached $536.9m, reflecting a 10% decrease when compared to January’s total.
However, February’s handle grew by more than 26% year-over-year. Revenue, meanwhile, stood at $25.8m (rounded to the nearest hundred thousand); interestingly, retail outlets lost roughly $144,000 but online revenue stood at $25.9m.
Taxes collected in February from sports betting fell by nearly 3.5% when compared to figures from the previous month. The state reported a tax total of $1.3bn as of February 2024.
Total wagers placed so far since the market’s opening have reached $4.1bn. This total includes bets that were made during the month of February.
In other state news, The Southern Ute Indian Tribe’s Council recently traveled to Denver to advocate for Tribal sovereignty during this year’s Ute Day at the Capitol.
The Council engaged with state lawmakers and the Governor to discuss the importance of honoring previously established agreements, particularly those that are on Tribal lands.
During the event, Chairman Baker gave an address at the capitol and reminded those in attendance of the terms of the Tribe’s gaming compact that allows the group to “engage in gaming activities that are identical to the activities and bet amounts that are authorized in the State of Colorado.”
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