Colorado Sports Betting Revenue
Legal sports betting is off to a strong start in Colorado, and we’ve got the numbers to prove it.
Already the nation’s sixth-largest sports betting market, CO’s handle continues to climb.
Sports Betting Dime will keep you up to date with the latest reports and analysis from the Centennial State. Check out the tables below for an in-depth look at Colorado sports betting revenue. Read on to learn what to expect in 2021 and beyond.
Colorado Market Overview
First, here’s some important information to keep in mind when evaluating Colorado’s sports betting market.
Approximate State Population (2020): 5.81 million
In-state Pro Teams: Denver Broncos (NFL), Colorado Rockies (MLB), Denver Nuggets (NBA), and Colorado Avalanche (NHL)
Sports Betting Launch Date: May 1, 2020
Biggest Monthly Handle: $326,903,462 (January 2021)
Regulator: Colorado Division of Gaming
Online or Retail Betting: Both
Tax Rate: 10 percent
Latest CO Revenue News
Find the most recent Colorado sports betting revenue news below.
March 2021 – Colorado sports betting handle hits the $300 million mark for the second time, with $300,990,842 wagered in March. After eleven months of legal sports betting in the Centennial State, the industry has taken in over $2 billion in wagers. More than $5 million in taxes have flowed into state coffers thus far.
February 2021 – Coloradans wagered $266 million on sports in February, a dip from the previous two months. This marks the first time since legalization that Colorado does not set a new state record for monthly betting handle. Sportsbooks kept just 3.92 percent of handle after paying out winning bets – low even by Colorado’s standards – which is good for bettors. More than 96 percent of the handle was wagered online.
January 2021 – Colorado continues to steadily increase its sports betting handle every month since legalization. The Centennial State reported $326,903,462 in wagers for January 2021. At this pace, CO could top $4 billion in annual handle in 2021.
Colorado Sports Betting Revenue: Month-by-Month
Sports Betting Dime tracks the growth of legal sports betting by tallying monthly revenue reports for each state.
The table below displays Colorado’s sports betting handle, gross gaming revenue, and hold percentage, as well as state tax revenue collected every month since launch.
Here’s what each number represents:
- Handle refers to the total amount wagered on sports.
- Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winning bets.
- Hold percentage shows how much revenue sportsbooks kept as a function of the betting handle.
- State tax revenue displays taxes collected by the state and local jurisdictions.
|Month/Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
|Total (since launch)||$2,080,198,129||$129,795,670||6.24%||$5,553,527|
We will update this table monthly with the data provided by the Colorado Department of Revenue.
Colorado Sports Betting Revenue Insights
Colorado burst onto the US sports betting scene in 2020 and emerged as a highly competitive market. The Centennial State was one of six states to take over $1 billion in sports bets in 2020, and it did so in just eight months.
The fact that Colorado got off to such a solid start – in the middle of a pandemic no less – shows a promising future for the sports betting industry. CO is one of several strong new markets located outside of traditional gambling-friendly states. Sports betting appears to be gaining wider acceptance in America thanks to the availability of safe and legal options.
Let’s look at what we’ve seen so far and what to expect in 2021 as Colorado continues to gain speed.
Colorado finished 2020 with the second-lowest annual hold percentage in the country at just 6.40 percent. A low hold rate is good news for sports bettors, as it means sportsbooks kept less money out of every dollar wagered and more was paid out in winnings.
Hold percentages are not entirely within the realm of control for sportsbooks or state governments. Having a low state tax rate and plenty of licensed operators certainly helps prevent sportsbooks from charging excessive juice, but hold rates are also subject to factors such as bet balance or even the types of wagers placed. There’s typically more vig built into parlays and futures, for example.
That said, on average, Coloradans can rest assured they’re getting a fair shake so far. Only Nevada had a lower hold in 2020 (6.07 percent). That’s good company to be in!
On Pace for $4 Billion Wagered in 2021
Colorado’s progressive sports wagering regulations allow for a highly competitive market that already has more than a dozen online operators, resulting in fairer odds and more enticing promotions for sports bettors. Since day one, Coloradans jumped at the opportunity to get in on the action and feel more engaged with their favorite sports teams.
Colorado’s sports betting industry has shown steady, sustained growth since its launch in May 2020. Through its first nine months, CO increased its monthly betting handle every month. At its current growth rate, Colorado could easily see $4 billion wagered on sports in 2021.
Learn More About Sports Betting in Colorado and Beyond
Sports Betting Dime will keep you informed with the latest CO sports betting news and revenue insights as this emerging market continues to develop.
Learn more about the Centennial State’s sports wagering rules and regulations, best bonuses, and more by visiting our comprehensive Colorado online sports betting page. You can also explore our state-by-state sports betting revenue tracker to see how CO compares to other markets across America.
Have fun and enjoy the action out there!