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Colorado sports betting down in December, but tax revenue up

© iStock - CarmenMurillo
Derek Draplin

(The Center Square) – The total handle for sports betting in Colorado saw a decrease in December 2022, while tax revenue collected by the state slightly increased, according to the latest Colorado Department of Revenue data.

"The last month of the year proved to be another fruitful month for collecting tax revenues to be distributed later this year to beneficiaries," CDOR's Division of Gaming said in a statement.

The state collected $2,583,711 in taxes for December – a 0.08 percent increase from November collections – while the total handle for the month was $518,088,768, which is 6.25 percent lower than November's handle of $552.6 million.

The state collects its taxes based on proceeds and not losses, "so higher taxes means more wins for the player," according to a Division of Gaming spokesperson.

Basketball marked the highest wager total in December for a second month in a row with $147.8 million, according to the state's data.

Basketball wagers were followed by pro football ($137 million), college football ($38 million), and college basketball ($33 million).

Colorado legalized sports betting in May 2020 after voters passed Proposition DD in 2019, which allocated a majority of the state's revenue to water projects.