Colorado Has Record Breaking Month with $284 Million Handle
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Colorado is one of the last states to report a December sports betting report, but the numbers continue to impress in the Centennial State. The state had another record-setting month, with its betting handle hitting $284.6 million in December.
Despite launching sports betting is arguably the worst month of the pandemic, Colorado has seen nonstop growth in its betting industry. This is the eighth month in a row the state has had an increase in its betting handle since going live in May.
Colorado ranks 21st in population and still has plenty of room to grow. With over 10 sportsbooks operating in the state, Colorado is still a few years away until the sports betting industry hits maturity. So far, the state should feel good about the numbers that have been reported and the direction sports betting is trending in the Centennial State.
Colorado by the Numbers
On top of the $284 million betting handle that broke a record for the state, it also reported $17.2 million in revenue and 531K taxes. Colorado has a 23% increase in its betting handle, which shows that more people are jumping into the state’s betting industry. However, revenue was down 6.5% from its November record.
Arguably one of the more surprising numbers reported was over $280 million was wagered on mobile devices. That comes out to 98.5% of the betting handle came from an online sportsbook compared to in-person. Covid-19 is still a big issue across the U.S., so it makes sense that more bettors would rather bet from their couch than at the sportsbook. However, it also shows how important it is for operators to have a strong mobile betting app in certain states like Colorado.
One number that wasn’t a huge surprise to see was the NFL leading the way in the state betting handle. $88.2 million was bet on NFL games in December, which was by far the most bet sport. The NBA was second at $42.9 million, and it wasn’t half of the betting handle the NFL brought in.
College Basketball ($35.2 million), college football ($15 million), and table tennis ($11 million) rounded out the top five largest handles. Colorado has been seen extensive betting handles for table tennis since the state went live with sports betting.
While the four major U.S. sports were on pause in the spring, Colorado bettors looked to table tennis for a way to get action in. That remains even with the NFL, NBA, and college sports in action.
Outlook on 2021
The Colorado sports betting industry has not seen the end of its growth. With a betting handle of $284 million to end 2020, there is a chance that the state could see $300 million wagered in January with playoff football and other sports going on.
The Centennial State could also see a few more sportsbooks enter 2021, like Barstool Sportsbook, which will help the sports betting industry expand further. It took Colorado eight months to see over $1 billion wagered in the state, which also included getting through a pandemic.
A full year of sports should bring even more growth to the Centennial State, as the Colorado sports betting market continues to grow.
