A year of steady growth for Colorado’s sports betting industry ended with another monthly benchmark achieved in December. Sportsbooks in the Centennial State took $284.5 million in bets in December, the best month yet for the Colorado market.
The December handle marks a 23% increase month-to-month against November. Since launching in May 2020, Colorado’s sports betting industry has realized seven consecutive months of revenue increases.
The December figures released by the Colorado Division of Gaming showed 98.6% of December bets ($280.4 million) coming from mobile sportsbooks.
Colorado Sports Betting Revenue 2020
|Month||Total Wagers||Mobile||Retail||Net Proceeds||GGR||M/M Handle Change %||Hold %||Mobile %|
The December totals push Colorado’s sports betting handle to $1.185 billion for the year. That billion-dollar milestone comes from just eight months of operations for the state’s legal sports betting industry.
More than any other state, Colorado’s sports betting market is driven by mobile wagering. Industry giants like DraftKings, FanDuel, BetMGM, and BetRivers all launched online sportsbooks on May 1, 2020, day one for legal sports wagering in Colorado.
Since then, the state’s market has grown to include 16 different online sportsbooks. That selection gives Colorado one of the most competitive sports betting markets in the US.
Colorado represents one of the top six markets in the US based on overall sports betting handle. That status comes despite a limited retail market, with land-based casino sports wagering restricted to the small mountain towns of Black Hawk, Cripple Creek, and Central City, as well as a pair of tribal properties.
The Division of Gaming reports both gross gaming revenue and net proceeds from sports betting. Net proceeds reflect gross gaming revenue minus taxes and free promotional credits issued to bettors.
December’s net proceeds dropped 36.8% month-to-month, with sportsbooks earning $5.67 million. That revenue pushed total annual revenue to over $28.3 million for the year.
January and February’s handle, driven by the NFL playoffs and Super Bowl, could push Colorado’s sports betting market to even bigger heights. The December breakdown from the Colorado Division of Gaming can be viewed here.