Colorado’s regulated sports betting market hit another record month in December as total wagers from online and retail operations reached $284.6m.

Total wagers increased by 27 per cent compared to the previous month, with the state’s 17 online operators generating wagers of $280.4m in December, and Colorado’s 12 retail operators accounting for the remaining $4.1m in wagers.

Professional American football represented nearly a third of total wagers during the month at $88.2m, with professional basketball the next most popular sport with wagers of $42.9m, followed by NCAA Basketball at $35.2m, NCAA Football with $15.0m and table tennis at $11.0m.

Licensed sports betting operators paid out $267.4m to players in winnings in December, generating gross gaming revenue (GGR) of $17.2m, down 6.5 per cent from November 2020. December’s GGR comprised $16.6m from online sports betting and $592,193 from retail.

As a result, total net sports betting proceeds amounted to $5.7m, a decline of 37 per cent month-on-month, with the state receiving total taxes of $531,490.

Since the opening of Colorado’s regulated sports betting market in May, operators have collected total wagers of $1.19bn, generating taxes for the state of $3.4m.

“Hitting the $1 billion mark is a milestone event for the department, leading us to believe that the trust and competition in the industry are leading bettors from the black market to the regulated market,” said Colorado Division of Gaming director Dan Hartman. “We believe the legal marketplace is having and will continue to have a positive impact on Colorado.”

Colorado Department of Revenue executive director Mark Ferrandino added: “I am thrilled to see the success of Colorado’s regulated sports betting program, especially coming out of a turbulent year.

“As we look to 2021, we are focused on continuing our collaborative stakeholder engagement to remain poised for success.”

Gaming Intelligence