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Colorado sets new sports betting handle record in December


The Colorado Department of Revenue has reported a new monthly sports betting handle record for December, but also revealed a decline in gross gaming revenue (GGR).

GGR for the month amounted to $17.2m, which was 6.5% lower than the $18.4m posted in November.

When taking into account adjustments such as bonus promotions and a 0.25% federal excise tax on sports betting handle, the decline was much greater, with net sports betting proceeds (revenue) for the month down 43.3% to $5.1m.

However, the situation was more positive in terms of handle, with consumer spending for the month reaching a record $284.6m, up 21.3% from the previous monthly high of $231.2m set in November.

Breaking down these figures, online remained by far the main source of income for licensed operators in Colorado.

GGR from internet betting stood at $16.6m and net sports betting proceeds at $5.1m, with players having wagered $280.4m online and winning $263.9m.

In contrast, players spent just $4.1m at retail sportsbooks, winning $3.5m in the process. This resulted in $592,193 in GGR and $582,321 in net sports betting proceeds for the month.

Football was the most popular sport to wager on in December, with consumers spending $88.2m. Basketball followed some way behind in second with $42.9m in bets, then college basketball on $35.2m.

Operators paid a total of $531,490 in sports wagering tax during the month, with the split being $474,442 from online and $57,048 from retail activity.

The Colorado Department of Revenue also released figures for the calendar year, with the state having opened its regulated sports betting market in May 2020.

GGR in the eight-month period reached $75.8m and net betting proceeds $28.3m. Players wagered $1.2bn on sports in 2020, while the state generated $3.0m in taxes from legalized sports wagering.