Colorado sports betting handle nears $600.0m in March

Consumer sports wagering spend in Colorado increased 20.0% year-on-year to $593.1m (£475.7m/€556.8m) in March, while the state also reported a rise in revenue.

Handle was some way clear of the $494.4m bet during March last year. It was also 10.5% higher than the $537.0m wagered by Colorado players in February this year.

Online betting accounted for $589.3m of all sports bets placed during the month. A further $3.7m was wagered with retail sportsbooks across Colorado in March.

The hike in handle also led to higher revenue. For March, gross gaming revenue from sports in the state hit $45.0m. This is 27.1% ahead of $35.4m in March 2023 and 74.4% higher than February’s $25.8m haul.

Revenue from online betting amounted to $44.9m during the month, with retail’s share at just $165,764.

Basketball wagers hit $299.0m in March

Basketball was again the sport of choice among bettors in Colorado during March. In total, players spent $299.0m wagering on basketball, of which $297.2m was bet online.

Incidentally, college basketball was the second most popular sport to bet on in the month, drawing $36.3m in wagers. Tennis placed third with a total of $29.3m in wagers.

Other sports of note include ice hockey, which attracted $22.3m in bets, football on $21.1m and table tennis with $14.1m. It was also noted that parlay and combination bets in March totalled $125.4m.

Players won $548.1m from sports betting during the month, including $544.5m inline and $3.6m at retail sportsbooks.

As for tax, Colorado was able to generate a total of $2.9m, almost all of which came from online betting.

Original Article