The experts at BetColorado.com have developed this guide to help you better understand the terms used when discussing Colorado sports betting revenue and handle. The state releases those figures on a monthly basis.
Colorado voters approved a constitutional amendment legalizing sports betting in November 2019. It allows for both in-person wagering at a brick-and-mortar sportsbook in a casino, or for wagering through a mobile app or an online site.
Though it’s not one of the more populous states that has legalized sports betting, Colorado offers one of the widest selections of online sports betting apps and websites in the country. Currently, 24 Colorado sports betting apps are licensed in the state.
The first full month of football produced a massive spike in total handle and revenue for Colorado sportsbooks, with $512,792,794 in wagers and $32,488,916 in net sports betting proceeds during the month of September.
The Centennial State’s total handle climbed 67.5% from August’s total of $306,065,791, while the net sports betting proceeds figure jumped 73.9% from August’s total of $18,683,392. When broken down by individual sport, Colorado sportsbooks saw the biggest share of total handle come from bets on NFL football ($157,447,231).
The next closest sport was Major League Baseball at $78,236,133.74, while college football wrapped up September with $69,512,128.25 in wagers placed. In total, wagers on American football (both NFL and NCAA) wound up chipping in 44% of the state’s total handle in September. Colorado’s parlay handle for September wound up at $99,371,892.77, representing 19.4% of the state’s total.
Through nine months, Colorado sportsbooks have taken in a total handle of just over $3.6 billion, averaging out to roughly $406.1 million per month, while the total net sports betting proceeds stands at just under $189.7 million. You can expect that Colorado sportsbook promos helped generate those high numbers.
Colorado bettors wagered $5.18 billion on sporting events in 2022, with $5.13 billion wagered online. The total handle increased nearly 35% from 2021, when the state’s sports betting operators took $3.85 billion in wagers.
Colorado taxes sports betting operators at 10% of their net revenues. The state does allow licensees to deduct promotional credits, but starting this year, operators cannot deduct more than 2.5% of their handle. After June 30, 2024, the percentage allowed will drop by a quarter of a percent for the following three years, down to 1.75% in July 2026.
Colorado releases its sports betting revenue and handle totals monthly. However, there is no set date for the state to publish that data. It usually comes out about 4-5 weeks after the end of each month.
According to the Colorado General Assembly, the state allocates sports betting tax revenue in the following manner. First, the revenue covers administrative expenses for the state Division of Gaming, then 6% is withheld and earmarked in a fund to compensate the state’s land-based casinos for any income lost because of sports betting. The state also sets aside funding for problem gambling services, with the rest of the tax money going to fund the state’s water plan. In the 2021-22 fiscal year, the state allocated $12.4 million in sports betting taxes to the Colorado Water Plan.
The Colorado Division of Gaming, an agency within the state Department of Revenue, oversees sports betting operations in the state.
Mobile sports betting is defined as the amount of money wagered through apps on mobile devices or online websites. Many such operators offer Colorado promo codes to customers. In Colorado, online wagering is the preferred method for sports bettors. In 2022 more than 99% of all the money wagered – more than $5.13 billion – was bet online.
The handle is the amount of money bettors wagered for a specific period. This exceeds hundreds of millions each month in Colorado. The net revenue is what sportsbooks including ESPN BET Colorado retain after paying out winning wagers and taking deductions. In 2022, Colorado took in more than $188 million in sports betting revenue.
The experts at BetColorado who bring you the latest updates in Colorado sports betting. We pull together decades of experience to give you analysis as well as comparisons of the best CO online gambling apps.