Sports betting in Colorado reached a new all-time high in December, with players wagering a record $716.4m. This beat the previous monthly high by more than $100.0m and marked a 17.7% increase from the previous month. The December handle was also 38.3% higher than the same month the previous year. The majority of the wagers, $712.0m, were placed online, with only $4.5m coming from retail venues.
Despite the significant increase in bets compared to the previous year, the gross gaming revenue for December was actually 0.1% lower than the previous year, totaling $40.5m. Nearly all of the monthly revenue came from online wagering, with retail contributing just $63,546.
The National Football League season was a major draw for sports betting, with players placing $193.1m in bets on American football. Basketball and college football also drew in significant amounts, with $171.4m and $45.8m in bets, respectively. Parlay and combinations in the month totaled $204.2m. The tax collected in December amounted to $3.7m, while players won a total of $675.9m.
In December, a new sportsbook, Fanatics, was launched in Colorado, replacing PointsBet following its acquisition of the latter’s US business. Additionally, Betr, a microbetting operator, secured market access deals in Colorado, Pennsylvania, and Kentucky, with an online sportsbook agreement in Colorado pending approval from the Colorado Division of Gaming. Boulter Developments also took an equity interest in Betr. This influx of new sportsbooks shows the growing interest and investment in the Colorado sports betting market.