Colorado sportsbooks post record $716M handle in December

Colorado Sports Betting December
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Colorado reported yet another record month for regulated online and retail sports betting.

According to the Colorado Division of Gaming, the Centennial State reported a record total sports betting handle of $716.4 million in December 2023 — a 38.2% increase compared to the state’s $518 million handle for the same period the year prior. Colorado’s handle last December was comprised of $711.9 million in online wagers with retail betting closing at $4.4 million for the month. The results in December 2023 also marked a significant increase from November 2023’s total handle of $608.4 million, which saw total online wagers reach $602.9 million.

Colorado operators also made improvements to the state’s total hold rate, which closed at 5.66% in December 2023, up from an unusually low 4.7% hold last November. In December 2023, the Centennial State’s online hold rate stood at 5.68% while retail hold was 1.43%.

The improvement in hold and handle resulted in lukewarm revenue in Colorado. The state, which is home to 21 online operators, saw total gross gaming revenue reach $40.5 million in December 2023, down from $40.9 million in December 2022 behind a 7.9% total hold.

Despite the drop in revenue, Colorado posted a record $3.6 million in total taxes in December 2023, a 42.5% uptick year-over-year. The results were also a 147.2% increase from November.

Colorado and its operators increased their handle behind an exciting end to the NFL regular season with $193 million in wagers accepted on pro football in December 2023. However, Colorado operators took a hit on football as they paid out $199.4 million in winnings to players.

Parlay and combination wagers garnered the second-largest handle in Colorado for December 2023 with $204.1 million in bets taken with operators paying out $177.8 million in winnings.

The NBA rounded out the top three in the state for handle with $171 million in wagers accepted, which resulted in $158.2 million in winnings. Operators in Colorado that dished out winnings include DraftKings, FanDuel, and ESPN Bet, a rebrand of Barstool Sportsbook.