In December 2023, the sports betting scene in Colorado continued to flourish, breaking records and showcasing impressive growth.
The total handle for the month reached a staggering $716.5 million, surpassing the previous month’s record of $608.5 million by a remarkable 17.7%.
Moreover, this figure represented a substantial 38.3% increase compared to December of the previous year when Colorado bettors wagered $518.1 million.
The online betting sector continued to dominate, with a significant $712.0 million in wagers placed via the internet.
In stark contrast, retail venues struggled to attract bets, amassing just $4.5 million in wagers during the same period.
Gross gaming revenue also experienced substantial growth, reaching $40.5 million in December.
This marked a robust 41.6% increase compared to the $28.6 million generated in November.
However, it’s worth noting that despite the increased betting activity, the year-on-year revenue comparison revealed a marginal decline of 0.1% from the $40.9 million generated in the previous year.
Retail venues contributed a mere $63,546 to the monthly revenue, highlighting the dominance of online wagering.
American football continued to be a favorite among bettors, with $193.1 million in wagers placed during December.
Basketball followed closely with $171.4 million in bets, while college football garnered $45.8 million in wagers. Parlay and combination bets also played a significant role, totaling $204.2 million for the month.
In terms of taxes, the state collected $3.7 million in December, while players enjoyed winnings totaling $675.9 million, with a substantial $671.5 million stemming from online betting.
The sports betting landscape in Colorado saw some exciting developments in December. Fanatics, a prominent sportsbook operator, entered the market after acquiring the US business of PointsBet.
This marked a new era for Colorado sports betting enthusiasts.
Furthermore, Betr, a microbetting operator, secured market access deals in Colorado, Pennsylvania, and Kentucky.
Their online sportsbook agreement in Colorado was contingent on approval from the Colorado Division of Gaming.
Additionally, Boulter Developments took an equity interest in Betr, further solidifying their presence in the burgeoning sports betting market of Colorado.
The future looks promising for Colorado’s sports betting industry, with continued growth and new opportunities on the horizon.