Colorado’s Betting Bonanza: February’s Record-Breaking Handle
Colorado’s February sports betting figures have surged to new heights, setting an all-time monthly record.
With the Department of Revenue’s latest report showcasing a whopping $537 million wagered, the Centennial State’s betting scene is buzzing with activity and challenges for operators.
Unprecedented Growth in Betting Activity
February’s betting handle saw a 26.3% increase from the previous year, pushing the total to over half a billion dollars. This surge contributed to a historic start to the year, with Colorado sports enthusiasts pushing the total bets in January and February to an unprecedented $1.13 billion.
Despite the booming handle, the growth in gross sports betting revenue painted a different picture, with a modest 14% rise to $25.8 million.
The collective efforts of 21 mobile and 10 retail operators achieved a 4.8% hold, slightly dampened by the payouts at physical venues.
Tax Contributions on the Rise
After adjustments for taxes and various deductions, Colorado’s treasury benefitted from $1.3 million in betting taxes for February, contributing to a robust $5.4 million total for the year’s first two months.
This represents a significant increase from the previous year and underscores the financial impact of sports betting on state coffers.
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