Colorado established a new high point for sports wagering in December, but also experienced a reduction in earnings.
The state’s Department of Revenue revealed that December’s handle, the total sum of money gambled, achieved a record-breaking $284.6 million, a 21.3% increase from the preceding month. Nevertheless, the gross gaming revenue (GGR), which represents the total amount of money earned by the operators, decreased by 6.5% to $17.2 million.
After taking into account bonuses, promotions, and taxes, the net revenue, which is the amount of money that the operators actually retain, dropped by 43.3% to $5.1 million.
Despite the decrease in earnings, the record handle indicates that Colorado’s sports betting market is still expanding. Online betting continues to be the primary source of revenue, with players wagering $280.4 million online and winning $263.9 million.