The Colorado Division of Gaming reported Thursday the monthly sports betting figures corresponding to February 2022, with a total handle of $440 million, a 23.2% decrease from January, when the state perceived a record $573.7 million. However, in a year-over-year comparison, the second month of 2022 showed a 65.26% increase in handle.
The total wagers for the current fiscal year, July 2021-January 2022, account for $3.2 billion, an 89.1% increase in the total wagers made in the same period 2020-2021. Total wagers on this year’s Super Bowl came in at $41 million, representing a 31% increase over the $31.2 million bets placed on the 2021 Super Bowl event.
Taxes collected by the state in February 2022 from sports betting wagers totaled $314,731, representing a 78.26% decrease over the prior month. Fiscal year taxes to date for February 2022 are $7.9 million, which is a 92.3% rise from the FYTD Taxes for the same period last year, of $4.1 million.
In February, Professional Basketball placed itself in the top spot for the month with $155.6 million in total wagers, followed by NCAA Basketball with $68.2 million in wagers. Pro American Football came in third with $31.4 million. The fourth spot went to Ice Hockey with $24.1 million, and Soccer rounded out the top five sports with almost $18.9 million.
According to PlayColorado, the step back in handle for Colorado’s sports betting market was expected, as pro football had a $31.4 million handle, but $33.4 million was paid out to NFL bettors, representing a net deficit of a little more than $2 million.
March Madness betting is sure to bring an uptick to Colorado’s third monthly sports wagering revenue report of 2022. In 2021, Colorado’s March sportsbook handle was $301 million, the second highest figure of the eight months of 2021.
April, though, marks the start of the annual spring/summer sports wagering downtick, with the 2022 MLB season beginning April 7, with the Colorado Rockies opening a day later at home against the rival Los Angeles Dodgers.
PlayUSA.com analyst, Eric Ramsey, stated: “The biggest concern for sportsbooks was a big loss in the inventory of baseball games. But with the lockout now over and the primary bet generator during the summer months playing a full schedule, Colorado’s operators can look forward to the first truly normal sports year since the state launched sports betting in May 2020”.
Original article: https://www.yogonet.com/international/news/2022/04/04/62077-colorado-reports-february-39s-sports-betting-handle-decline-to–440m
