(The Center Square) – Colorado’s total sports betting handle declined in February to $440 million, according to the latest data from the state's Department of Revenue (DOR). 

The total represents a more than 23 percent decline from January when the state saw more than $573 million in total wagers. On a year-over-year basis, however, February’s total represents a greater than 65 percent increase. 

In exchange for the wagers, Colorado collected more than $314,000 in taxes, which is a more than 78 percent decrease from January’s record-setting total. 

Basketball collected the most wagers in February, totaling more than $155 million in all. February was also the second consecutive month in which basketball led all other sports in total wagers. Collegiate basketball had the second-highest total wagers in February with $68 million in bets. 

American football had the third-highest total wagers at more than $31 million. Another $41 million of wagers were placed on the Super Bowl itself, which DOR said was a 31 percent increase from the previous year. 

Ken Pomponio, an analyst for PlayColorado.com, a sports betting industry website, anticipated sports wagers could see records in March because of college basketball's March Madness. 

“February produced relatively heavy betting volume and momentum certainly gained through March Madness,” he said. “Plus, having Colorado State and Wyoming likely will boost the NCAA Tournament handle. It would not be a surprise to see more records in March.”

“The Super Bowl wagering grew significantly, but not even the most bet-on single game of the year can completely replace the wagers that came from five full weekends of football games as we had in January,” Pomponio said. 

Colorado has collected more than $7.9 million in taxes on sports bets so far this fiscal year, which marks a climb of more than 92 percent from the previous year.