Colorado Post 20% Year-On-Year Increase In Sports Betting
Colorado Post 20% Year-On-Year Increase In Sports Betting
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The handle for sports wagering in Colorado rose to $593.1 million in March, showing a 20% year-on-year increase. This figure was significantly higher than the $494.4 million bet in March of the previous year. Moreover, it surpassed the betting activity recorded in February 2024, where Colorado players wagered $537 million.
Online betting played a pivotal role in driving this surge, accounting for a staggering $589.3 million of all sports bets placed during the month. Retail sportsbooks across Colorado also contributed to the handle, with $3.7 million in wagers in March.
The substantial growth in handle translated into higher revenue for the state. Gross gaming revenue from sports in Colorado reached $45 million in March, marking a remarkable 27.1% increase compared to the previous year’s $35.4 million. Furthermore, this figure represented a significant 74.4% surge from February’s $25.8 million haul. Revenue generated from online betting amounted to $44.9 million, with retail sportsbooks contributing a mere $165,764.
Basketball emerged as the most popular sport among bettors in Colorado during March. A staggering $299 million was wagered on basketball, with $297.2 million of that total being bet online. College basketball also garnered significant attention, with $36.3 million in wagers placed on this sport. Tennis followed closely behind, attracting a total of $29.3 million in wagers.
Other notable sports that drew considerable betting activity include ice hockey with $22.3 million in bets, football with $21.1 million, and table tennis with $14.1 million. Additionally, parlay and combination bets totalled $125.4 million in March.
Players enjoyed substantial winnings from sports betting during the month, taking home a total of $548.1 million. Of this amount, $544.5 million came from online bets, while $3.6 million was won at retail sportsbooks.
Colorado also benefited from tax revenue generated by sports betting, collecting a total of $2.9 million. The vast majority of this revenue came from online betting activities.
