Colorado Sports Betting Soars to Record High in December
The Colorado sports betting market concluded the year on a high note, with December witnessing an unprecedented surge in betting activity. The state’s sports betting handle reached a new all-time high of $716.4 million, marking a significant increase from previous months and showcasing the growing enthusiasm among bettors in the region.
Record-Breaking Figures
The latest data from the Colorado Department of Revenue reveals a 17.7% jump in the sports betting handle from November 2023, with December’s figures soaring to $716.4 million. This not only sets a new monthly record but also represents a substantial 38.3% increase year-over-year, highlighting the escalating popularity of sports betting in Colorado.
A staggering majority of the sports betting handle came from online platforms, totaling $712 million, while retail sportsbooks contributed a mere $4.5 million. This trend underscores the significant role of digital platforms in driving the sports betting industry forward in Colorado.
Bettors Reap Rewards
The windfall wasn’t just for the operators, as bettors also enjoyed substantial winnings. Out of the total handle, $675.9 million was paid out in winnings, with online bettors claiming the lion’s share of $671.5 million.
Reflecting on the year, Colorado’s sports betting handle for 2023 reached an impressive $5.5 billion, indicating a robust growth trajectory from the $5.1 billion recorded in the previous year. Despite a slight dip in June, the overall trend points to a thriving betting ecosystem in the state.
Despite the record-breaking handle, December saw a slight 0.1% dip in year-over-year revenue, totaling $40.5 million. However, the state experienced a significant increase in tax remittances from operators, with $3.6 million collected in December, marking a substantial rise from previous periods and reflecting the lucrative nature of the sports betting industry for state coffers.
Preferred Betting Choices
American football continued to dominate the betting preferences among Colorado’s bettors, with $193.1 million wagered on the sport, closely followed by basketball at $171.4 million. College sports also attracted considerable betting action, contributing to the diverse betting landscape in the state.
The record-breaking sports betting handle in Colorado not only highlights December’s exceptional performance but also caps off a year of remarkable growth for the state’s betting industry. The dominance of online betting platforms and the diverse range of betting options available to Colorado’s bettors are indicative of a mature and thriving market. As the industry continues to evolve, the state’s approach to regulation, taxation, and responsible gambling will be key factors in sustaining this growth and ensuring the long-term health and success of the sports betting ecosystem in Colorado.
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