Sports betting operators in Colorado close February with 4.8% hold

Colorado Sports Betting
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Colorado sports betting operators took a hit in February behind retail wagering wins.

The Colorado Department of Revenue reported a total sports betting handle of $536.9 million in February 2024, a 26.3% increase compared to the same month last year. Despite the year-over-year uptick, February’s results represent a 10% decrease from January 2024.

Between January 2024 and February 2024, Colorado has posted a $1.13 billion handle. The two-month handle surpasses 2022’s previous record of $1 billion for January and February.

Colorado, which is home to 21 online operators, generated $25.7 million in gross gaming revenue in February 2024, up from $22.5 million for the same month last year. The Centennial State posted $52.4 million in revenue from sports wagering in January 2024.

Operators in Colorado reported a significant month-over-month decline in revenue behind a 4.8% hold, which includes retail sportsbooks. The brick-and-mortar facilities in Colorado reported a $3.5 million handle in February 2024 but paid out $3.6 million to bettors.

Bettors in Colorado dished out $250.6 million for parlay wagers during the month, the state’s top category of bets. Pro basketball was the second-most popular wager for Coloradans with the sport making up 29% of bets in February with a $155.4 million handle.

Tennis rounded out the top three with a $20.6 million handle in February 2024.

The Centennial State posted $1.3 million in total taxes during the month from sports betting, which was down from $4.1 million in January but flat compared to February 2023.

Colorado’s portfolio of operators includes bet365, BetMGM, BetRivers, Circa Sports, DraftKings, ESPN Bet, FanDuel, Fanatics Sportsbook, and others. Fanatics gained market access in Colorado as part of its $225 million takeover of PointsBet’s U.S. business.