Colorado bettors began the state’s second year of legal sports wagering by giving its handle a bit of a boost.
The Colorado Division of Gaming reported recently that the state’s total sports-betting handle for May was nearly $249 million, up 1.85 percent from April. Almost all of that action was placed remotely, as 99 percent of the wagers were made online last month.
The total win percentage in Colorado in May was six percent, as gross gaming revenue (wagers minus payouts to winners) came in at around $15.1 million. Taxes collected by Colorado last month from sportsbooks amounted to $635,640.
The most wagered-on sport last month in Colorado was basketball, with $86.9 million in bets placed both online and in-person.
May's numbers were a bump up from April's, when the total handle was down 18.8 percent from March, at $244.4 million.
Colorado became the 18th state with legal sports betting when the wagering began in May 2020, right in the thick of the COVID-19 pandemic. However, in its first year of operation, Colorado took more than $2.3 billion in wagers, and state officials see the roll-out as having been a success.
“Launching the program in the midst of uncertainty, the Division of Gaming credits the success of the first year to the pragmatic and thoughtful enabling legislation, the partnerships established with industry stakeholders, the open competitive market created through the rules and regulations, and the commitment of the division’s staff and partners to get it right for Colorado,” Department of Revenue Executive Director Mark Ferrandino said in a press release last month.
