Colorado sports betting revenue rose by 14% on the previous year’s figure in February, reaching $25.8Million. Despite this, there was still a 52% drop from January’s total.
While February’s figure was a step up from 2023, it was less than half of the $53.5m revenue from sports betting in the previous month.
Meanwhile, the total net sports betting proceeds dropped slightly from a year ago. In February 2023, the total stood at $12m, but it was only $11.7m this year.
And the month-to-month figure saw an even sharper decline, with a 69.7% drop off from January’s $38.5m.
In terms of total sports betting handle, Colorado reported $537m in the last period. This was a 10% drop month-to-month, but still a strong increase from February 2023.
Last year, that total handle stood at $425.1m in February, 26.3% less than this year.
As a result, subsequent sports betting taxes for Colorado in February amounted to $1.3m. This was a 3.6% year-over-year increase, but a drop of 68.5% month-to-month.
Colorado Sports Betting Information
Sports betting has been legal in Colorado since November 2019. Legalizing the practice required voter approval via referendum due to Colorado’s Taxpayer Bill of Rights.
Online and retail forms of sports wagering launched in Colorado in May 2020, with all sportsbooks required to partner with a casino within the state.
Bettors must be aged 21 and over, and principle actors in sports such as players, coaches and referees cannot bet on their own sports.
Sports such as cornhole and table tennis can be bet on legally, but wagering on awards ceremonies such as the Oscars is prohibited, as is esports betting.
Also banned is betting on any high school sports or any event where participants are under 18.
The law permits up to 30 online sportsbooks in the state, with Colorado operators taking more than $5 billion in wagers in the first 18 months.
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