CO Sports Betting Handle Hits Over $2B In Year One Despite April Dip

• Colorado sports betting sees slight dips in betting activity in April.
• Colorado still saw more than $200 million wagered on sports.
• In the first year of operation, more than $2 billion dollars was bet on sports in Colorado.

DENVER – The Colorado sports betting market remained strong in April despite the slight decreases in betting activity and sports betting revenue.

This could be attributed to the end of March Madness betting as the college basketball season came to a close.

Despite the decline, however, the Colorado sports betting market still saw big numbers in April, showing that the market remains a thriving one.

Colorado Sports Betting Dips

According to the report released by the Colorado Division of Gaming, $244,446,760.46 was wagered on sports in April which is an 18.3% month over month from March’s $300,990,842.17.

Sportsbooks collected $17,563,939.14 in sports betting revenue, which is also down 86.2% from Marches $20,365,119.34.

Mobile betting dominated the market in Colorado. Mobile sportsbooks saw $241,919,886.32 wagered on sports in April which is more than 98% of the total market. Colorado’s mobile market has consistently been the prime way betting fans wager.

Mobile books also contributed $17,377,647.92 of the total betting revenue.

The state saw $1,082,610.56 in tax revenue, making April still a strong month for Colorado despite the decreases. Colorado sports betting is still in good shape.

Despite the end of March Madness, NBA betting led to sportsbooks being dominated by basketball wagers.

A total of 34.5% of all bets came on basketball, followed by 19.7% on baseball, and 17.6% of all wagers coming through parlay wagers.

With the NBA season heading into its post-season, basketball bets will continue to dominate the Colorado market.

Sports betting is also expected to see an increase in activity as betting fans ramp up wagers leading into the playoffs.

Colorado continues to be successful in legal sports betting due to its strong mobile and online betting focus.

In its first year with regulated sports betting, the state saw $2,325,477,052 total wagered on sports and $148,103,448 in Gross Gaming Revenue.

“The first year of sports betting exceeded our expectations, especially after we launched amid a worldwide pandemic that shuttered the casinos, the industry, and Colorado,” said Dan Hartman, Division of Gaming Director. “Looking back on a year ago, I don’t believe any of us expected to be where we are with our numbers and our operations. Colorado is setting the benchmark for what a healthy, regulated legalized sports betting market can look like in the United States, and we will continue to be known for our regulatory leadership.”

Other states who offer limited or no mobile betting fall behind, while markets like Colorado, New Jersey, and Pennsylvania continue to dominate in betting handle and revenue.

Even with the slight decline, the Colorado sports betting market is still among the largest in the country.

News tags: CBB | College Basketball | Colorado | Colorado Division of Gaming | Dan Hartman | Denver | March Madness | NBA | Revenue | sports betting