he Colorado sports betting handle has reached $4.82bn in FY2021-22, with online sportsbooks continuing to dominate the market. The basketball-related wagers accounted for most of the handle, followed by Parlays/Combinations and Football. This is according to the latest figures released by the Colorado Gaming Commission.
Colorado Sports Betting FY2021-22
According to the report released yesterday, Colorado consumers wagered $4.815 million in sports betting which is translated to $282 million in Gross Gaming Revenue (GGR) for sportsbooks for a 5.87% overall hold rate.
The state levied a total of $12.44 million in taxes during the 12-month period which will go to the Office of Behavioral Health, Hold Harmless Fund, and Colorado Water plan.
Online Sports Betting Still Preferred by Coloradans
Colorado online sportsbooks dominate the market as it accounts for 98.7% of the total wagers placed within the state in the last Fiscal Year. Colorado apps handled $4,755,926,752 while in-person wagering totaled $59,669,166. This is largely due to the convenience and flexibility that online betting offers compared to retail sportsbooks.
Bettors can place wagers from anywhere in the state, and there are no limits on how much they can bet. In addition, online sportsbooks offer a wider range of betting markets and odds than their retail counterparts. As a result, it’s no surprise that online sports betting has taken over the Colorado market.
Online sportsbooks translated this handle into a $279 million GGR while retail operations retained $3M.
Which Sport Received the Most Wagers?
Basketball-related wagers, especially NBA, top the market as it accounts for almost a quarter of all the bets placed. Parlays/Combinations and football followed with 18.1% and 16.6% respectively.
While being another exciting sport to watch, Tennis settles for a 4.1% share while soccer had a 1.70% part. Here’s a breakdown of wagers placed in Colorado:
It’s been another successful fiscal year for Colorado sports betting. With the popularity of sports betting continuing to grow, Colorado is poised to continue its success in this area for years to come.