Colorado Sports Betting Revenue Soars 80% Despite Handle Dip in February

Despite a 7.5% decline in its total sports betting handle in February, Colorado still posted a staggering 80% increase in its gross gaming revenue (GGR) compared to the same month in 2024.

February saw the Centennial State record $496.63 million in total wagers, down from $536.99 million year-on-year (YoY) but also noticeably lower than January’s figure of $657.18 million.

Nevertheless, Colorado’s latest $4.31 billion fiscal year-to-date (FYTD) wagering figures maintain the assertion that the in-state sports betting sector remains particularly robust – especially given that it reflects a considerable 4.71% increase from the previous year.

Another prominent metric the state’s lawmakers were excited to tout was the sector’s growing tax revenue returns.

The state has collected more than $24.5 million this FYTD, a sizeable 19.07% jump from last year’s figures. A critical component of that figure was February’s $3.43 million tax collection, which represented a 163.54% uptick compared to February 2024.

Pleased with his state’s achievements, Director of Gaming Christopher Schroder echoed the report’s sentiments, stating, “After a record-setting January for sports betting, February continues to show growth with over $24.5 million collected in Fiscal Year to Date Taxes,” adding “A strong, safe, and fair sports betting industry is good for Colorado and its bettors. The funds they raise each month are helping Colorado fund water conservation efforts.” 

Online Betting and Basketball Drive February’s Growth

With March Madness approaching and the NBA in full flow, basketball dominated Colorado’s betting scene in February. Rivaling Super Bowl wagering, basketball accounted for 33% of the sports betting handle, with the state’s residents staking $163.99 million online and $1.1 million in retail outlet bets.

The release of Colorado’s sports betting figures revealed online sports betting was a clear overall favorite across all sports. As a result, Coloradans racked up over $493.6 million in online wagers, in direct contrast to retail sportsbooks, which only added  $2.99 million.

In correlation to the heavily weighted preference for digital sportsbook betting, the online sector naturally steamrolled the state’s revenue generation, contributing $46.2 million in GGR, whereas retail betting merely added $152,547.

Growth on the Horizon for Colorado Sports Betting

While Colorado will be hard-pressed to match the top sports betting revenue earners, like New York and Illinois, its substantial wagering and subsequent tax revenues already characterize the Centennial State as a prominent force within the expanding US sports betting sector.

Of course, some skeptics point to the varying monthly fluctuations as a concern, yet the sheer volume of tax revenues and year-on-year GGR suggests that sports betting projects long-term stability within the state.

With the Nuggets on the verge of the NBA playoffs and the Rapids riding high in the league table early in the MLS season, Colorado’s strong sports betting handles look set to continue long into the summer months. While Colorado lawmakers will be rubbing their hands at the prospect of further tax windfalls, Coloradans will ultimately benefit from the resulting public spending measures.