The Colorado Gaming Division has released its income projections for February, revealing a significant decrease in the state’s sports betting handle compared to the previous month. The total handle dropped by 22.3 percent from $547.2 million in January to $425.1 million.
The current total control is $440.5 million, which is 3.49 percent lower than the total control in February 2022.
The show received more tax revenue in February than it did the previous month.
Colorado residents have the highest level of access to online sports betting programs compared to residents of any other state. Despite a decrease in figures for the month of February, the online sports betting industry in Colorado continues to flourish, primarily due to the presence of 26 casinos in the state.
In February, Colorado’s sports betting fees amounted to $1.25 million, showing a significant decrease of 51.39 percent compared to January when it reached $2.59 million.
In February, the state’s tax collection experienced a significant increase of 299 percent compared to its collection of $314,741 in February 2022.
As of now, the total fiscal year taxes amount to $17.24 million, marking a 116 percent increase compared to the FYTD taxes of $7.97 million recorded in February 2022.
Other Colorado places with sportsbooks lagged behind Black Hawk by a wide margin.
When analyzing the earnings generated from online sports betting, the following breakdown illustrates the actual profits that each city is liable to be taxed on, along with the total taxes paid. These calculations incorporate reduced bonus payments and account for a 25% federal excise tax.
- Black Hawk:$ 9.3 million,$ 999, 000
- Central City has $240,000 and $9,600.
- The cost for Cripple Creek is $249,000, while it amounts to $2.4 million.
- The precise range spans from $12 million to $1.3 million.
Hockey continues to be the most popular game to play on in February.
Colorado’s most beloved sport in February, professional hockey, garnered an impressive $155.6 million in total bets, maintaining its status as the most popular sports choice in the state, just as it was in January.
With a remarkable home record of 33-7, the Denver Nuggets hold the top spot in the Western Conference of the NBA, boasting a 52-26 overall record.
The NBA championships are set to kick off on April 15, sparking considerable interest from viewers who are eager to wager on the Denver Nuggets. Although the Colorado team has yet to secure a conference or NBA championship, could this be their moment to shine?
In February, Colorado residents are most inclined to bet on the following acrobatics that have gained immense popularity.
- Professional athletics:$ 156 million
- NCAA athletics:$ 68 million
- The American professional baseball industry is valued at $28 million.
- Rugby:$ 25, 00, 000
- There is a total of $20 million invested in ice sports.
