Colorado February Sports Betting Follows Trend, Drops 18.5%

Colorado February Sports Betting Follows Trend, Drops 18.5%
© USA Today

Colorado saw its first month of sports betting handle decline in February, but that was to be expected. It was down about 18.5% from January.

February’s handle of $266.5 million in Colorado was a decline of about $60 million from January’s $326.9 million. Since launching May 1, the Colorado market had seen growth every month. But with fewer days in the month and the NFL season ending, nearly every state declined in February.

CHECK OUT: The top sportsbooks in Colorado

The Colorado mobile sports betting handle of $258.2 million was a decline of 19.1% from January ($319.4 million), but it still accounted for an impressive 97% of the handle, according to figures released Monday by the state. February revenue (GGR) came in at $10.4 million, down 54.9% from January ($23.1 million).

What wasn’t impressive was the hold in February — 3.92%. It was 7.08% in Colorado in January. In each of the four previous months in Colorado, the hold percentage was between 6.03% and 8.26%, which is close to the national norm.

Another Colorado online sportsbook will join the market this year. On Feb. 2 it was announced that ZenSports will provide online sports betting for a new Central City casino from Steve Boulter that is expected to open in 2021.

Colorado Sports Betting, February vs. January

Total Handle Mobile HandleRevenue (GGR)
February$266.549M$258.219M $10.445M
ChangeDown 18.5% Down 19.1% Down 54.9%

Colorado Bettors Stick With Pro Basketball

Professional basketball was again the most popular option for Colorado sports betting, increasing to $95 million wagered in February, up from $88.4 million in wagers placed through online and retail operators in January. Pro basketball was 35.7% of the total bet.

College basketball was the second most-popular sport for bettors in February, at $39.55 million, about flat compared to January’s $39.9 million. Expect college basketball betting figures to soar in March with March Madness going strong.

Pro football had $24 million in handle, with Super Bowl 55 played on Feb. 7, a 31-9 win by the Tampa Bay Buccaneers over the Kansas City Chiefs.

Hockey came in fourth at $13 million, followed by tennis at $9.5 million. Parlays amounted to $39.9 million wagered and “other” sports finished at $25.5 million.

Colorado 6th Among States For Now

Colorado’s $266.5 million put it sixth among states that have already reported February numbers. Illinois is usually the last to report and its numbers should put it in the top three. Here’s what the month looks like so far:

Though it easily remained No. 1 in total sports handle in February, New Jersey broke a string of three straight months with more than $900 million in sports handle by finishing February with $743 million. The state set the national record in December for total sports handle at $996.3 million.

Nevada retail and online sportsbooks had $554 million in total sports handle in February, a decrease of 14.3% from January’s $646.5 million.

The Pennsylvania February total sportsbook handle of $509.5 million was down 17.2% from January’s state record of $615.3 million.

February was Michigan’s first full month of online sports betting (it launched Jan. 22) and the state reported an online handle of $301.8 million and a retail handle of $23.7 million for $325.5 in total sports handle for the month.

The Indiana sports betting handle in February was $273.9 million, down 21.4% from January when it was a state record $348.2 million.

Editor's note: Figures for wagering by sport have been updated to reflect corrected numbers from the state.

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