The Centennial State’s sports betting operators were unable to capitalize on a 4.2% year-over-year handle increase in March.
Key Takeaways
- The Colorado Department of Revenue reported a 5.9% hold on a $618-million handle led to operator gross revenue of $36.2 million.
- College basketball profits fell 37% from the previous year’s March Madness.
- NBA betting surged with the NFL out of the picture.
A 5.9% hold during a heavy basketball-betting month led to $36.2 million in gross revenue, according to the Colorado Department of Revenue’s report. March’s profit haul was down 27.6% compared to the same month in 2024 and is the lowest revenue total of 2025.
The increased handle of $618 million was up 24.4% from February and the second highest amount wagered year-to-date. However, the first two months produced win rates of more than 9%. Bettors had a solid March against operators, winning $581.8 million, mostly from basketball and parlays. Last March, sportsbooks held up with a 7.6% hold.
Online sports betting in Colorado dominated wagering, accounting for $614.5 million of the March handle and $36 million of the gross revenue. Retail sports betting took in $3.5 million in wagers, a 6.4% year-over-year decrease, and made $231,697 in revenue, up 71%.
The Centennial State filled its coffers with $2.1 million, bringing the year-to-date total to just under $10 million.
Bettors hit on college basketball
March Madness didn’t provide crazy profits for Colorado sports betting operators. College basketball’s postseason events generated $112.5 million in wagers, a 9.5% year-over-year increase. However, revenue from the sport fell from $7 million in March 2024 to $4.4 million in the latest reported month.
A lack of upsets helped bettors keep the operator hold to 3.9%. With favorites advancing deep in the NCAA tournament – all four No. 1 seeds on the men’s side made the Final Four – moneyline parlays were extremely successful for bettors. Colorado sportsbooks paid out $137.2 million on combination bets in March, a 28.7% year-over-year increase. Parlays did generate $10.9 million in gross revenue, much of that likely coming from college basketball based on the sport’s low win rate.
NBA produces the highest revenue
Without the NFL to wager on for the first time since July, bettors turned their attention to the NBA. The pro basketball handle jumped from $165 million in February to $208.3 million in March. The sport produced $10 million in gross revenue, the highest in Colorado, but it came on an unimpressive 4.8% hold.
NCAA basketball was the second most-bet sport, and then there was a significant drop-off to soccer, which generated $28.6 million in wagers and hauled in $1.6 million. Tennis, table tennis, and hockey all took in at least $23 million in wagers. Tennis led the trio with $2.2 million in gross revenue while hockey turned in a low 3.9% hold.
The early part of the MLB season helped baseball generate $16.8 million in wagers and $1.4 million in profits. The sport’s handle should see a massive increase in April. More than $85 million was bet on baseball in April 2024.
| Sport | March Handle | Revenue |
|---|---|---|
| Basketball | $208.3 million | $10 million |
| NCAA Basketball | $112.5 million | $4.4 million |
| Soccer | $28.6 million | $1.6 million |
| Tennis | $26.1 million | $2.2 million |
| Table Tennis | $23.3 million | $1.9 million |
| Ice Hockey | $23 million | $902,000 |
| Baseball | $16.8 million | $1.4 million |
| Golf | $7.4 million | $583,000 |
| MMA | $4.2 million | $619,000 |
| Motorsports | $1.1 million | $114,000 |
| Parlays | $148.1 million | $10.9 million |
| Other | $18.6 million | $1.5 million |
