Colorado Sportsbook Revenue Drops in February
End of Football Season Sees States Showing Lower Profits
Colorado has seen the same thing as most other states regarding a betting handle decline in February. The Colorado sportsbook revenue drops in February showed it was less than half of January’s revenue.
The betting trends show lower handle in the states that have reported February’s financial numbers. The total handle for the state was $536.9 million, which was down roughly 10% from January’s $596.7 million handle. Revenue was impacted even more.
Revenue in February was $25.7 million compared to $53.5 million profit seen in January. With just the Super Bowl and Pro Bowl being played in February, it’s logical for the betting handle to decline.
Professional basketball did its best to pick up some of the slack after the end of football season. February saw $229.7 million bet on pro basketball compared to $135.3 million in January. Table tennis also saw a good-sized increase in February, accounting for $12.6 million in wagers compared to $4.1 million in January.
Tennis also saw more than twice as much bet in February as in January with $46.6 million. Surprisingly, there was little difference in the amount wagered in college basketball. January saw $24.5 million bet on college hoops compared to $25.2 million in February.
For straight football wagers, the Colorado sportsbook revenue drops in February were significant. The state’s sportsbooks saw $10.2 million in revenue for January, but a $5.5 million loss in February. It wasn’t just straight wagers that had an impact on revenue.
Parlays and teasers fell off in February. In January, there was $269.1 million wagered and $25.5 million in revenue. February’s handle on parlays was just $105.2 million.
Retail Sportsbooks Lose in February
The Colorado sportsbook revenue drops in February weren’t helped by the retail establishments, which ended in the red. After showing a small profit of $191,000 in January, retail sportsbooks reported a $1.45 million loss in February. The state typically fares much better in online gambling, both in terms of amount wagered and hold.
Not all of the sports betting news in Colorado was bad, however. While month-to-month revenue was down, the year-over-year report was much better.
In February 2023, total handle in Colorado was just $425.1 million. The $536.9 million wagered this year represents a 26.3% increase over last year. Total revenue was up roughly $3.1 million compared to February 2023.
Shifting Wagers Coming In
A year-over-year look at sports betting in Colorado also shows a shift in the types of wagers being placed. This year there is less money being wagered in college basketball, but a significant increase in parlays and teasers.
In January 2023 there was $50.2 million wagered on college basketball and $97.2 million on parlay/combination bets. January 2024 showed less than half the amount wagered on college basketball compared to last year, but $172 million more wagered on parlay/combination bets.
There was $68.8 million wagered on college basketball in February 2023 compared to $25.2 million this year, while parlay bets increased $32 million.
In March 2023, there was $94.3 million wagered on college basketball and $90.3 million wagered on parlay/combination bets. If the trend continues, there will be significantly less wagered on college basketball this year, but much more bet on parlays and combination bets.
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