Colorado Reports $244.4M in April Sports Betting Handle
Colorado sports betting witnessed a general decline in April handle, with the state reporting $244.4 million in bets for the month. The Colorado Division of Gaming had released unofficial numbers for April earlier in the month. It confirmed those numbers with a full report on Tuesday.
According to the final report, Colorado sports betting’s $244.4 represented an 18.3% decline from March’s $300 million. The flourishing March handle was largely thanks to the NCCA Men’s Division I Basketball Tournament, the biggest tournament of the sporting calendar.
April Comparison with Other Legal States
While April was a slow month, it was not unexpected especially if we see the numbers from other legal states witnessing a similar decline in their monthly sports betting handles. For instance, Michigan saw a free fall in its month-over-month decline to 30.5%, and Iowa (26.7%), while Indiana witnessed a 25.4% drop in its sports betting handle for the same period.
So, Colorado’s 18% decline did not cause worry to the sports analysts, who expect better months ahead with increased activity. It should be noted that there was no NFL and no college basketball- the two major sports that draw most bettors- in April.
Still, there were a few states which reported a slightly better month than Colorado. For instance, New Jersey saw only a 13% month-over-month decline in April, Tennessee 13.6%, and Pennsylvania 14.4% drop for the month.
In April, the Centennial State’s sportsbooks drew $17.6 million in gross gaming revenue (GGR), down 13.8% from $20.4 million recorded a month prior. The net betting proceeds generated $10.5 million in April, roughly the same ($10.6) in March. The state raised $1.1 million in taxes for the month, a slight gain over March’s $1 million.
According to the report by the Colorado Department of Revenue, the total hold for the last month was 7.19%, up from March’s 6.77% and a whopping increase from February’s 3.92%.
Online Betting Remains Steady
However, the most reliable aspect of Colorado sports betting has been its online side. In April, Colorado online sports betting reported $241.9 million in handle, down 18.1% from $295.2 million in March. But more importantly, the mobile handle accounted for nearly 99% of the state’s overall handle, leaving only $2.5 million in the total retail handle.
It was the second consecutive month that Colorado mobile handle made up at least 98% of the total handle.
Basketball Led Colorado Again in April
For the second straight month, basketball remained the defining sport in the Colorado betting market. For the month, the NBA attracted $84.3 million in bets, while college basketball saw $6.8 million in handle with the Final Four and national title game taking place in the first week of April.
However, the total NBA handle was lowest in three months following $106.9 million reported in March and $95 million in February.
Despite Colorado Rockies’ below-average performance, baseball took in the second-highest bets last month, with $48.3 million in handle.
With $10.6 million, Hockey was the distant-third, and table tennis once again could crack the top 5, with $9 million in handle, claiming the fourth position. Soccer reported $8.7 million in bets.
Parlays accounted for nearly $43 million in wager.
First Year of Colorado Sports Betting
With the April report, Colorado sports betting reached another milestone: one year of sports betting. The Centennial State launched sports betting on May 1, 2020.
From May 1, 2020, to April 30, 2020, the state’s sportsbooks generated $2.3 billion in handle, brought in $147.4 million in GGR, and $61.5 million in netting proceeds. The entire year-round sports betting action enabled Colorado state to raise $6.6 million in taxes.
Most of the last year, as well as this year, has been eclipsed by the pandemic. But with online sports betting, the bettors always got the chance to place bets while being safe at home.
With the COVID-related recovery, things will hopefully return to normalcy, and with arenas and stadiums across the nation welcoming fans back to games, a full stadium for the Denver Broncos becomes a possibility. Colorado bettors are looking forward to NFL, just months away.