Colorado sports betting handle hits new high in December

Colorado’s sports betting industry ended 2020 on a high note after setting a new sports betting handle record in December.

According to the latest figures from the Colorado Department of Revenue, bettors in the state of Colorado wagered a record $284.6m on sporting events in December.

December’s handle marked a significant increase on the $231m wagered in November 2020.

Despite processing a record amount in sports bets, sportsbooks in the state saw revenue drop to $17.2m in December from $18.3m in November. 

Colorado’s sportsbooks paid the state $531,489 in tax revenue in December.

Online betting once again made up the majority of the state’s handle and revenue. Bettors in the state wagered $280.4m via online sportsbooks which in turn generated $16.6m in revenue for sportsbooks.

Land-based sportsbooks managed to generate $592,192 in revenue from $4.1m in sports bets.

What did people bet on?

Football was the most popular sport to bet on in December with bettors in the Centennial State wagering $88.2m on the sport.

Basketball was the second most popular sport to bet on after sportsbooks processed $42.9m in basketball bets in December. College basketball followed close behind with $35.2m wagered on these events.

Parlays and combinations were also incredibly popular with bettors after sportsbooks processed $46.4m in these bets. Bettors in the state also wagered $36.3m on sporting events in the “other” category.

Sports betting in Colorado

The Centennial State narrowly legalised sports betting in November 2019 after voters approved the sports betting measure through a referendum.

Like New Jersey, Pennsylvania and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines. 

More operators are expected to launch in Colorado, which could have more than 30 sportsbook operators once the market reaches full maturity.

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