Colorado Sees 16% Jump In Sports Betting Handle For March

Written By Nicholaus Garcia on May 1, 2023
Basketball drives sports gambling revenue in Colorado for March

It was another positive month for Colorado sports betting in March.

Recent data from the Colorado Division of Gaming shows Colorado sportsbooks generated $45.9 million in gaming revenue, an increase of 103% from February. 

However, the big winner in the Centennial State continues to be online gambling.

Colorado gambled $45.7 million on sports online in March

Like other jurisdictions, online sports betting remains a popular option for customers and visitors to Colorado. 

In March, online sports gambling accounted for $45.7 million of total gaming revenue. Meanwhile, retail sportsbooks represented $172,442.

Retail location breakdown:

  • Black Hawk Casino: $154,223
  • Cripple Creek: $6,998

According to the CDOR, the total betting handle for March was $494,440,209, a 16.3% increase from last month. The figure is also a year-over-year 2.21% decrease from March 2022, when the betting handle totaled $505.6 million.

  • Retail betting handle: $4.5 million
  • Online betting handle: $490 million

Basketball continues to dominate Colorado sports betting

Much like in February, basketball remains the big revenue generator for the state. 

Across the US, other states reporting revenue numbers are also seeing the effects of the NCAA Men’s & Women’s Basketball Tournaments show up in their revenue numbers. 

Basketball accounted for 58% of total bets and $287.3m in total bets. NCAA basketball contributed 19.1% and $94.3m towards the total amount. Rounding out the top three most bet on sports for the month was ice hockey and tennis, each with 5.1% and $25 million. 

 Percentage of bets by sport:

  • Basketball: 39%
  • Baseball: 1.7%
  • Parlays/combinations: 18.3%
  • NCAA Basketball: 19.1%
  • Tennis: 5.1%
  • Hockey – Ice: 5.1%
  • Soccer: 3.9%
  • Table tennis: 1.3%
  • Golf: 1.5%
  • MMA: 1.1%
  • Other: 3.7%

Such a lucrative month for Colorado sportsbooks also translated into a decent chunk of tax revenue for the state. For March, the state collected $3.1 million in sports betting tax revenue, a 136% increase from March 2022.

Fiscal year-to-date taxes stand at $20,346,558, a 119% increase from FYTD taxes in March 2022. 

Photo by Kyusung Gong / AP photo
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Nicholaus Garcia

Nick Garcia is a senior reporter for Playin USA. Garcia provides analysis and in-depth coverage of the gambling industry with a key focus on online casinos, sports betting and financial markets. Garcia has been covering the US gambling market since 2017. He attended Texas Tech University as an undergrad and received a Master of Arts in Journalism from Columbia College Chicago.

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