Colorado Surpasses $6 Billion All-Time Sports activities Betting Deal with Regardless of February Decline

Colorado’s sports activities betting numbers for February have arrived, and the state skilled a decline from January’s record-breaking numbers, as was the case in lots of states. In February, the Colorado Division of Gaming just lately reported that the state registered $440.5 million in complete deal with throughout retail and on-line sportsbooks, a 23.2% lower from January’s record-breaking $574 million deal with.

Colorado Hits $6 Billion since Launch

Colorado sports activities betting launched on Could 1, 2020, after being initially authorized by voters in November 2019. February’s outcomes pushed Colorado over the $6 billion mark for complete {dollars} wagered since launch, becoming a member of Illinois, Indiana, Nevada, New Jersey, and Pennsylvania as the one states with all-time sports activities betting deal with of greater than $6 billion.

In February, Colorado collected $314,731 in taxes, representing a large lower of 78.26% from $1.45 million. February was additionally the state’s lowest tax income generated since February 2021. Nonetheless, Colorado has generated $16.4 million in tax income since its launch in Could 2020.

Yr-over-Yr Development in Colorado

Whereas Colorado posted its lowest deal with since September 2021 in February, its numbers have been nonetheless significantly better than earlier than. In February 2021, Colorado sportsbooks dealt with $266.5 million in complete wagers, placing February 2022 at a 65.3% year-over-year improve. Income elevated by 87.7%, from $10.4 million in February 2021 to $19.6 million in February 2022.

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NBA Leads the Method

In February 2022, skilled basketball (NBA) was the preferred sport with a complete deal with of $155.6 million in comparison with $95 million within the 12 months prior; basketball was the preferred sport in 2021. Parlays have been second within the complete deal with at $78.5 million, and NCAA basketball got here in third at $68.2 million in complete wagers.

March may see that order flip significantly with the NCAA Males’s Basketball Match at all times seeing heavy betting motion. Nonetheless, we anticipate skilled basketball to take care of a considerable market share, particularly as we head in direction of the start of the postseason.

Soccer was the fourth-most in style sport by way of deal with for Colorado sportsbooks regardless of there solely being one sport in February. The Tremendous Bowl generated $41 million in complete Tremendous Bowl wagers, up 31% from $31.2 million in February 2021, because the Los Angeles Rams defeated the Cincinnati Bengals. Nonetheless, sportsbooks paid out $33.4 million on $31.3 million in complete wagers, representing a lack of about $2 million.

Sportsbooks Lose Cash in February

Whereas gross income got here in at $19.6 million, a rise of 87.7% year-over-year, sportsbooks nonetheless weren’t worthwhile for February. Sportsbooks dished out heavy promotional credit with complete deductions of over $20 million for the second straight month to gasoline Tremendous Bowl betting. Sportsbooks handed out $43.7 million in complete promotions over the primary two months of 2022 in comparison with $146.7 million for all of 2021. Sportsbooks bumped into comparable points in different states, and whereas they continued to dole out the promotional worth in March, I anticipate them to have been extra worthwhile this previous month.

Cellular Nonetheless Dominating Retail Books

Colorado has three retail sportsbooks, however they’re positioned in three distant mountain cities within the state the place there isn’t as a lot site visitors as in main inhabitants facilities. Due to this fact, cell continues to carry an excellent larger share of the market as in different states. Cellular wagers accounted for $434.9 million in February, or 98.7% of the overall bets positioned. Cellular sports activities betting accounts for 91.3% of the market in New Jersey and 93.5% in Pennsylvania.

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