Colorado sports betting had a bounceback month in March. Revenue from sportsbooks in Colorado dropped in February after a record-high January. Total gross gaming revenue came in at $45 million for March, an almost $20 million boost from February’s $25.76 million, but falling shy of the record $53.49 million in January.
Online sportsbooks in Colorado once again dominated the market, booking nearly 99% of all wagers placed in the Centennial State with a $589 million handle. Colorado’s online sports betting sites paid out $544 million in winnings to players, good for a 7.61% hold that spurred a little less than $45 million in online gross gaming revenue.
Retail sportsbooks in Colorado underwhelmed with just $3.7 million in total handle, in line with February’s $3.7 million handle. Colorado retail bettors turned a profit in February in part thanks to a bettor-friendly Super Bowl result, but Colorado’s retail sportsbooks actually achieved a positive 4.42% hold in March to cash $165,763 in revenue.
Basketball shoots high
With football season far behind us, basketball has been the favorite sport for Colorado bettors for three consecutive months now. Pro basketball accounted for 50% of all wagers during March, coming in a few dollars short of $299 million for the sport. This represents a massive year-over-year jump from March 2023’s $193 million basketball handle. As the home of the defending champion Denver Nuggets, it shouldn't come as a surprise.
March Madness drove $36 million in wagers across both retail and online sportsbooks in Colorado. Altogether, the sport of basketball booked $326 million in total handle, good for 55% of the overall handle in March.
Tennis came in third with a $29 million handle, while ice hockey and soccer were neck and neck at fourth and fifth with $22 million and $21 million, respectively.
Parlays and combo bets accounted for 21% of all wagers in March, closing with a $125 million handle.
| Sport | March Handle |
|---|---|
| Basketball | $298.9 million |
| NCAA Basketball | $36.2 million |
| Tennis | $29.2 million |
| Hockey - Ice | $22.3 million |
| Soccer | $21.1 million |
| Table Tennis | $14.1 million |
| Baseball | $13.0 million |
| Golf | $6.1 million |
| MMA | $5.4 million |
Year-over-year comparisons
Although total handle, revenue, and taxes paid all rose month-over-month, total handle for Colorado sports betting was the only metric to gain year-over-year compared to March 2023.
Revenue actually decreased by just over $893,000 year-over-year, while taxes dropped over $250,000.
Still, the $2.85 million in total taxes contributed to $23.5 million in taxes paid to the state year to date, representing a 15.53% YoY increase from the FYTD taxes from March 2023.
