Colorado Sports Betting Sees Dip in February; Only $266.5 Million Wagered
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For the first time since launching the industry, Colorado saw a decrease in sports betting numbers in February. However, it was not a big surprise to industry experts or leaders in the state. February provided fewer days and fewer betting opportunities, and the total sports betting handle went down by nearly 20 percent.
In February, the total sports betting handle for Colorado was $266.5 million, a drop of more than $60 million from January. Colorado officially launched sports betting on May 1, and the state has set a new record every month since that time until the previous month.
Online sports betting saw a drop of 19 percent from January but still represented 97 percent of all wagers in the state. Gross gaming revenue also fell by more than 54 percent, which is the most important number to the state.
Pro, College Basketball Drive Betting
NFL football accounted for just $39.5 million in wagers during February, but the Super Bowl was the only football game that month. The NFL brought in the second most handle in February, but it was betting on the NBA that led the way.
In February, sports bettors wagered $95 million on professional basketball, which was more than 35 percent of the total handle. College basketball handle dropped to just $24.2 million, but it was still the third most popular sport.
Betting on table tennis made a big jump in February, bringing in $13 million in wagers. Hockey was the fifth-most popular sport to bet on in Colorado, even though the Avalanche have a massive following in the state.
Colorado Falls to Seventh Spot
It appeared as if Colorado was going to become one of the five biggest sports betting markets in the United States, and the state was in that spot for a few months. The disappointing February numbers will likely land Colorado in the seventh spot, but that won’t be official until Illinois announces its numbers.
New Jersey, Nevada, and Pennsylvania have been the three biggest markets throughout 2020, and Illinois has joined them to create a top-four that likely won’t be challenged. The real battle is for that fifth spot, and Colorado is competing with a pair of Midwest markets.
Michigan reported a sports betting handle total of more than $325.5 million in February, the first full month with online sports betting. Indiana saw a decrease in total handle, but the state still brought in $273.9 million in wagers.
March Should Provide Rebound.
The entire U.S. sports betting industry, Colorado included, is expected to see numbers start to turn back around in March. The March Madness tournament is always extremely popular with sports bettors, and that should allow sportsbooks to post some big numbers.
Retail sports betting is also starting to pick back up in the Centennial State as Colorado is seeing improved COVID-19 numbers. Online sports betting will remain the best way to bet on sports, but the three remote casino towns should see more business in March and beyond.
