As Colorado sports betting revenue grows exponentially, bettors in The Centennial State are gambling on sports more than ever. If the trends continue in this direction, then 2024 is expected to be the biggest year yet for Colorado online gambling.
Since the first year of legalization, in 2020, Colorado has witnessed an explosion of sports betting activity throughout the state. With Colorado heading into its fourth year of legalized sports betting, we are examining the updated Colorado sports betting revenue for 2023.
Colorado Sports Betting Revenue For 2023
On May 1, 2020, legal mobile and online sports betting launched in Colorado. Retail sportsbooks at land-based casinos were able to accept sports bets a month later in June.
According to the Colorado Department of Revenue, sports betting revenue and total money wagered have grown year-over-year since 2020. With 2022 setting a record for sports betting in Colorado, the following year was even more impressive.
In 2022, Coloradans gambled a total of $5,181,758,901.66 on sporting events through one of Colorado’s 24 legal sportsbooks. Despite the Colorado Department of Revenue not releasing data for December 2023 yet, the total handle is expected to eclipse 2022.
From January 2023 to November 2023, Colorado sportsbooks accepted $4,803,232,734 in wagers. In November, Colorado set a new all-time betting record with $602,920,172 in total wagers from bettors. This broke the previous record, which was broken just a month earlier, with $550,421,803.
A similar month would push Colorado well over the $5 billion mark for the year and eclipse the yearly record betting handle set in 2022.
However, the most impressive accomplishment is that even with a month of Colorado sports betting revenue missing from December 2023, the state has already surpassed 2022’s figures quite easily.
With a gross revenue of $351,236,324.45, Colorado’s net sports betting revenue reached $235,602,532 in 2023. The year prior, Colorado notched $188,931,904 in net revenue.
Find a breakdown of the combined mobile and retail Colorado sports betting revenue and betting handle in the table below. All data is courtesy of the Colorado Department of Revenue1:
2023 Colorado Sports Betting Month-Over-Month Revenue and Handle
| MONTH | HANDLE | GROSS REVENUE | TAXES |
|---|---|---|---|
| January 2023 | $547,189,024 | $35,482,562 | $2,586,457 |
| February 2023 | $425,142,877 | $22,599,602 | $1,257,332 |
| March 2023 | $494,440,210 | $35,254,811 | $3,099,578 |
| April 2023 | $414,376,176 | $35,148,592 | $2,582,615 |
| May 2023 | $385,242,136 | $31,406,903 | $2,218,084 |
| June 2023 | $310,656,478 | $9,223,661 | $441,951 |
| July 2023 | $281,110,490 | $24,962,106 | $1,778,773 |
| August 2023 | $306,065,791 | $25,873,058 | $1,806,025 |
| September 2023 | $512,792,794 | $45,276,517 | $3,126,136 |
| October 2023 | $554,859,801 | $46,914,492 | $3,351,482 |
| November 2023 | $608,488,266 | $13,605,520 | $1,489,224 |
| December 2023 | NA | NA | NA |
There were a couple of interesting findings from the 2023 Colorado sports betting revenue report. The month with the lowest revenue coincided with the Denver Nuggets 2022-23 NBA Championship in June.
Additionally, despite November breaking a state record with $608,488,266 in bets, Colorado’s gross sports betting revenue had the second-lowest month at just $13,605,520. In short, with NFL betting in full swing, gamblers did well with their bets in November.
From April 2023 to November 2023, there was more money wagered every month than in the same time frame in 2022. The Colorado sports betting handle was slightly higher from January 2022 to March 2022, but the year 2023 dominated thereafter.
This past November’s betting handle was 10 percent higher than in November 2022. Additionally, tax revenue from January 2022 to November 2022, to the same time frame next year in 2023, increased by 6.71 percent.
Industry experts and sportsbook personnel are optimistic that sports betting will continue to thrive in Colorado. The director of gaming at Monarch Casino Resort & Spa, Steve Zlobin, has seen an increased interest in sports betting at his casino.
“As more and more casual gamblers come into the fold, as more people come to check out our property, check out our sports book and place a wager on games and get the excitement and fun that comes with it, we’re expecting the industry to grow and do better,” Zlobin commented2.
The Top Colorado Betting Site For 2024
From retail to online sports betting, residents of Colorado have several options for staking their wagers. Currently, Colorado has 24 regulated sportsbook operators in that state.
As our top recommendation, Bovada is a fantastic sports betting site for bettors of all levels. Bovada provides bettors with everything that they need to have an outstanding online sports betting experience.
No matter what sport or event you want to bet on, Bovada likely has odds on it. Not only are there odds, but some of the best sports betting odds online. In addition to pre-event lines, Bovada has a tremendous live betting platform for wagering on games already in progress.
Additionally, the prop betting menu for every sport at Bovada is unmatched in the industry. Most notably, Bovada specializes in giving bettors a wide range of unique bets for the Super Bowl and other marquee sporting events.
Bet on any odds that you’d like in a safe and secure environment. Bovada uses state-of-the-art technology to protect every deposit, withdrawal, and balance. With a variety of convenient deposit methods, new customers can grab a lucrative sign-up bonus.
For a limited time, Bovada is offering a 50% match bonus of up to $250 on a first-time deposit. Also, first-time cryptocurrency deposits are eligible for a 75% match bonus of up to $750 for the Bovada sportsbook.
Sports Betting Monthly Reports | DOR SBG. Retrieved From “https://sbg.colorado.gov/sports-betting-monthly-reports”
3 years since legalizing sports betting, Colorado is winning big | KDVR.com. Retrieved From “https://kdvr.com/news/local/3-years-since-legalizing-sports-betting-colorado-is-winning-big/”
