Gross gaming revenue for the month amounted to $10.4m (£7.6m/€8.9m), down 55.0% from the record $23.1m reported in January.
Online revenue reached $11.0m for the month, but a $547,436 loss from retail sports betting operations pushed the overall figure down.
Colorado consumers wagered a total of $266.5m on sports in February, a drop of 18.5% from $326.9m in January and the lowest monthly amount since November last year.
This was also the first time Colorado failed to set a monthly handle record since the state opened its regulated market in May 2020.
Basketball remained the most popular sport for consumers to bet on, with a total of $95.0m wagered during February.