Colorado Sees March Sports Betting Rebound Thanks to Basketball
Colorado rebounded in March from its first month of sports betting handle decline.
The March handle of $301 million in Colorado was a 12.9% increase over February’s $266.5 million, according to figures released Tuesday by the Colorado Division of Gaming. The March handle fell short of January’s record $326.9 million.
CHECK OUT: The top sportsbooks in Colorado
According to the Division of Gaming, Colorado reached another milestone by hitting $2 billion in total wagers just three months after surpassing $1 billion in December 2020.
“These large totals posted month-over-month show us that Coloradans are embracing this new form of entertainment,” Dan Hartman, director of the Division of Gaming, said in a news release. “We look forward to what will emerge in the market moving forward, as more and more sporting leagues resume a regular schedule of play and what that will translate into returns for Coloradans.”
The Colorado mobile sports betting handle of $295.2 million was up 14.3% from February’s $258.2 million. The mobile handle was 98% of the total handle, according to the Division of Gaming report. March revenue (GGR) was $20.4 million, nearly double (95% higher than) the $10.4 million posted in February.
The hold in March rose to 6.77%, a big increase over the 3.92% in February and more on par with the 7.08% in Colorado in January. Total sports betting taxes for March came in at $1.06 million, up 219.3% from February’s $332,227.
Colorado Sports Betting, March vs. February
|Total Handle||Mobile Handle||Revenue (GGR)|
|Change||Up 12.9%||Up 14.3%||Up 95.0%|
TwinSpires Launches in Colorado
Another Colorado online sportsbook went live over the weekend. TwinSpires announced that its new sports betting app and desktop product is live in Colorado, just ahead of its parent company’s biggest event, the 147th Kentucky Derby, on Saturday at Churchill Downs in Louisville.
”We are excited to offer our state-of-the-art sportsbook app and market leading promotions in Colorado a week out from our biggest event of the year, the Kentucky Derby," Ian Williams, president of TwinSpires, said in a news release. "Because we’re backed by Churchill Downs, the home of the Kentucky Derby, we can leverage nearly 150 years of wagering history to offer the best sports betting experience to our new players in the Centennial State.”
Colorado launched its sports betting market a year ago this week (May 1, 2020), with four sportsbooks going live. The Colorado Limited Gaming Control Commission now lists 20 approved online sportsbooks and 17 approved retail sports.
All Basketball All the Time in Colorado
Professional basketball was easily the most popular option for Colorado sports betting, even with the NCAA Tournament beginning. Wagering on pro basketball was $106.9 million, rising 12.5% from the $95 million wagered in February. Pro basketball was 35.5% of the total wagered in Colorado in March.
Thanks to March Madness, college basketball was the second most-popular sport for bettors in March at $71 million, up 79.5% from February’s $39.55 million.
Ice hockey was next with $13.8 million, followed by tennis at $10.8 million and soccer at $8.9 million. Table tennis dropped out of the top five. Parlays accounted for $55.8 million in wagers.
Colorado Remains 6th Among States
At $301 million, Colorado’s total sits sixth among states that have already reported March numbers, but Illinois and Virginia still have to post their figures. Here’s what March looks like so far among legal sports betting states:
- New Jersey’s total sports betting handle in March was $859.6 million, according to figures released April 16. That was up 15.7% from February’s $742.9 million.
- In Nevada, the March total sports betting handle was $641 million. That was an increase of 15.7% from February’s $554 million.
- Pennsylvania posted $560.3 million in March sports betting handle, a 9.97% increase over last month’s $509.5 million.
- Michigan had a total handle of $383.7 million in March.
- Indiana reported $316.7 million in March handle, which was a 15.6% increase from the $273.9 million in February.
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