Colorado sportsbooks finished off the year in a positive light, with their latest figures indicating $2.6 million in taxes for December 2022, according to the Colorado Department of Revenue. This is not only an impressive 0.08% uptick from November but also a 235.3% surge compared to December 2021, which produced taxes totaling $770,561 and dragged the fiscal year’s tax total to $6.2 million at that time.
Fortunately, through the end of 2022, Colorado sports betting saw these numbers skyrocket as they hit an impressive $13.4 million in taxes totaling 115.9% more than last year – a true victory that can be celebrated! On top of this, operators across Colorado managed to gain gross revenue earnings of $40.9 million for December – second only to September’s performance this past year – and achieved a 7.9% win rate state-wide. It seems safe to say that Colorado has had an exceptionally successful closing out of the 2022 calendar year when it comes to sports betting!
Fewer Bets In December
December in Colorado proved to be a record-breaking month for legal sports betting. Despite having a 6.25% drop in total handle in comparison to November 2020, the icing on the cake was that Colorado’s sportsbooks ended the year with a whopping $518.1 million wagered across the board.
December marks the third consecutive month when legal sportsbooks have reached over half a billion in bets – an unprecedented feat since the state legalized sports betting earlier this year. Now with 5 months of exceeding a staggering $500 million handle, it looks like 2021 will bring plenty of gaming commotion for Coloradans and avid bettors alike!
The Colorado sports betting industry saw a significant increase in handle between December 2021 and December 2022. The total handle wagered in December 2021 was $475.4 million, but this figure rose by 12.3% to $535.7 million in the same month of the following year, indicating strong positive growth in the sector. Despite these encouraging figures for the industry, there was a slight monthly decline in handling leading up to December, making this growth all the more impressive.
Despite experiencing a month-to-month decline in the handle, the Colorado sports betting industry displayed positive growth towards the end of 2021. During December 2021, Coloradoans wagered $475.4 million, an impressive figure despite a slight dip in activity levels across previous months.
Increase In Year-to-year Handle
Encouragingly, reports show a 12.3% increase in handle year-to-year, with December 2022’s sports betting figures significantly higher than those recorded the previous year. As more individuals become aware of legal sports betting opportunities available to them in their state, this figure is only likely to rise further still over the coming year.
Basketball Betting Was The Standout Favorite
Basketball betting continued to be the most popular online gambling market in Colorado for the second consecutive month. Colorado sportsbook customers spent close to $148 million on basketball during December, a 7 million dollar increase from November, and 29% of total bets. The success of the Denver Nuggets likely contributed to those numbers; they remain at the top of the Western Conference standings with a 9-5 record for December.
NFL betting in Colorado also proved popular yet again, with almost $137 being wagered on it and accounting for 26.5% of bets. This figure was again up from November by around $2 million.