Colorado Sports Betting Revenue Projected to Top $250 Million in 2021

Handle on pace to exceed $3.5 billion in the first full calendar year for sports betting in CO, data from state regulator show.

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By Charlie Passut

January 06, 2022

Gross gaming revenue from sports betting in Colorado is projected to top $250 million in its first full calendar year, with a total handle that could exceed $3.5 billion, according to data from the Colorado Division of Gaming (CDOG).

Revenue hit a record $36.8 million in November 2021 — an amount nearly double the $18.4 million grossed just one year earlier. Net sports betting proceeds — $19.3 million — and tax revenue due to the state — nearly $2 million — also broke monthly records.

November’s handle was $475.4 million, down slightly from a record $491.5 million in October 2021, but more than double year-to-year ($231.2 million). Online sportsbooks made up the lion’s share of revenue at $469 million, while retail sportsbooks brought in $6.4 million.

Retail sportsbooks had a record $8.3 million handle in February 2021. That record was nearly broken in October when retail books drew an $8.1 million handle.

Handle to date is $3.4 billion for 2021, of which $3.3 billion came from online sportsbooks and $55.3 million came from retail. Revenue is $225.3 million so far for the calendar year, while tax revenue to date is $10.9 million.

CDOG data show revenue averaged $29.4 million per month since September, while handle averaged $458.4 million over the same time frame. Should December’s revenue and handle meet or exceed those monthly averages, revenue for the full year would top a quarter-million dollars while handle would break $3.5 billion.

State statute prevents the CDOG from revealing revenue figures for specific operators.

Pro Basketball Wagers Surge

Pro football garnered the most wagers in November at $140.3 million — down from $171.2 million in October, which had an extra weekend for action. But pro basketball wagers surged in November to $124.7 million, nearly double the $63.3 million mark reached in October.

Wagers on college football slid to $29.4 million in November, down from $52 million in October. Parlays and combination bets also declined slightly to $83.8 million, down from $89.7 million.

College basketball wagers totaled $29 million in November. The remaining sports on a list of Top 10 Sports by Wager for the month included hockey ($14 million), soccer ($11.2 million), tennis ($9.2 million), table tennis ($7.8 million), mixed martial arts ($2.5 million), and baseball ($1.4 million).

The CDOG website currently lists 25 online sportsbooks. The books and their casino partners are: