Sunday, October 2, 2022

Colorado generates almost 4bn in wagers for 2021

Colorado sportsbooks have reported $461.4m in wagers for December, up 63% year-on-year, and $4bn for the year.

December was the final chapter of a year that generated $250m in revenue from almost $4bn in wagers, making Colorado the sixth-largest state in terms of annual betting in the US market.

The last month of the year ended “a hot streak” that started with a record $491.m in wagers for October and continued with $475.4m for November.

Online betting accounted for 99% of total handle (or $454.9m) for December.

Sportsbooks grossed $24.7m from December’s bets, up 44% year-on-year; however, this was down 33% compared to November’s $36.8m gross revenue. The month’s win generated $770,370 in state taxes.

Pro football generated the most interest for December, with $136.5m in wagers and pro basketball followed with $125.5m in bets.

College basketball produced $27.5m; college football generated $24.5m in bets; ice hockey $14.5m and football produced $12.7m.

Pro basketball, however, drew the most bets for 2021, with $958m in wagers, while pro football took $689.2m for 2021.

Ian St. Clair, a Lead Analyst for PlayColorado, explained: “Football is popular in every legal US market. But a hallmark of the highest volume US markets is that the NBA, with its 82-game regular season and long postseason, tends to be a more consistent bet producer than the NFL. Colorado is clearly fitting into that pattern.”

The first full year of legal sports betting in the state generated $3.85bn in online and retail wagers, up from $1.2bn for 2020. Last year’s handle placed Colorado sixth in betting volume from the year among legal sports betting jurisdictions in the US.

The year produced $250.1m in gross revenue (up 230% year-on-year), which generated $11.7m in state taxes (up 295% year-on-year).

Online wagering generated 99% of all bets for 2021.

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