January 26, 2021 Sports Betting, Online, Land-Based

Strong December pushes Colorado past $1.1bn in 2020 sports betting handle

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Colorado sportsbooks generated nearly $285m in sports betting handle in December, capping off a stellar first eight months for the Centennial State.

With December’s figures included, Colorado produced $1.19bn in sports betting handle for 2020 despite launching in May of last year. 

“Hitting the $1 billion mark is a milestone event for the department, leading us to believe that the trust and competition in the industry are leading bettors from the black market to the regulated market,” said Dan Hartman, director of the Colorado Division of Gaming. “We believe the legal marketplace is having and will continue to have a positive impact on Colorado.”

The December handle marks a new state monthly record and reflects a 23% increase from November. Sports betting revenue for the month was $17.2m, down from $18.3m in November. 

Online wagers accounted for more than $280m, or 98.6% of the monthly handle, while another $4.1m was placed at retail sportsbooks. 

Online was also responsible for $16.6m of the monthly revenue. 

The NFL paced the way with $88.1m worth of wagers last month, followed by the NBA ($42.8m), NCAA basketball ($35.2m) and NCAA football ($14.9m.) 

In a bit of an upset, table tennis finished fifth with $10.9m in wagers. 

“I am thrilled to see the success of Colorado’s regulated sports betting program, especially coming out of a turbulent year,” said Mark Ferrandino, executive director for the Colorado Department of Revenue. “As we look to 2021, we are focused on continuing our collaborative stakeholder engagement to remain poised for success.”

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