Colorado became the eighth state in the post-PASPA era to post a $700 million monthly sports betting handle Thursday after the Division of Gaming reported sportsbooks accepted $716.4 million worth of wagers in December.
The Centennial State joined New York, New Jersey, Illinois, Nevada, Ohio, Pennsylvania, and Arizona in this select circle, with Colorado achieving the feat one month after clearing $600 million for the first time. December handle was up 38.3% compared to the final month of 2022, and the $5.56 billion handle for 2023 was up 7.3% versus the previous year. Mobile sports betting apps accounted for all but $4.5 million of December action, and 99.2% of handle in 2023 came via digital wagering.
The record handle, though, failed to deliver record revenue. Operators posted their largest monthly loss in NFL wagering at nearly $6.4 million, which dragged gross revenue down to just over $40.5 million. The 5.7% statewide hold by operators is currently the worst among 27 states that have published December figures, with Illinois, Arizona, and Kentucky still outstanding.
Despite the slight year-over-year decline in gross winnings, Colorado sportsbooks still had a solid 2023, as their $391.9 million in revenue was 11.4% better than 2022. The house edged over the industry standard 7% hold, notching an increase of a quarter of a percentage point.