News Financial 1 Apr 2022
Colorado sports betting handle up 65% year-on-year… but lowest since September
By Gambling Insider
Sports betting handle in Colorado for the month of February has grown 65% year-on-year.
However, despite growth over the same month last year, February’s handle represents the lowest total since September 2021, with January 2022 setting the all-time high for the state at $574m.
The total amount wagered on sports betting in February was $441m, compared with $267m the previous year.
While the most wagered sport was basketball, which attracted $156m worth of bets for professional competitions and a further $68m on college basketball, the Super Bowl was the most popular single event.
A total of $41m was wagered on the game, which saw Los Angeles Rams claim victory over Cincinnati Bengals.
In 2021, the Super Bowl attracted $31m worth of bets, showing an increase of 31% year-on-year.
Of all sports, football, or soccer as it’s known in North America, saw the biggest growth in handle, with $18.9m wagered in February, representing an increase of almost 200%.
In terms of taxes, the state collected $314,000 from sports betting in February 2022, representing a 78% decrease compared with January.
Year-to-date taxes stand at a current total of $7.9m, which represents a 92% increase over February 2021.
For the betting operators themselves, total gross gaming revenue (GGR) of $19.6m was earned during February 2022, representing a $9m, or 90% increase year-on-year. However, this figure dropped from the $34m revenue earned in January 2022, representing a fall of 44%.
Despite February’s sports betting handle being the lowest since September, this isn’t necessarily cause for concern.
The state of Tennessee posted similar results for its sportsbooks, with January and March often seen as better months for sports wagering on the whole.
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