Colorado sports betting handle hits $506.6m in March

Players in Colorado bet $505.6m on sports in March, an increase of 68 per cent year-on-year.

US.- Colorado’s sports betting handle hit $506.5m in March boosted by March Madness, the NCAA tournament, according to the information released by the state. The amount spent was up 68 per cent year-on-year (March 2021: $301m) and was 14.8 per cent higher than the $440.5m wagered by players in February of this year.

Players in Colorado spent $500.2m at the 26 licensed online sports betting operators, while the remaining $5.4m was wagered at the state’s 17 retail sportsbooks. Basketball was by far the most popular sport to bet on in March. Between professional basketball and the NCAA March Madness, the sport accounted for 62 per cent of all sports wagers at more than $314m.

The Colorado Department of Revenue reported that gross gaming revenue amounted to $28.2m, 38.2 per cent higher than in March 2021 and 43.9 per cent higher than the $19.6m reported in February this year. Of last month’s GGR total, $28.1m was attributed to online sports betting, while just $179,235 came from wagering at retail sportsbook facilities.

Players won $477.4m and the state collected more than $1.3m in taxes, a 317 per cent increase from February. 

For the current fiscal year, more than $3.7bn has been wagered on sports in Colorado, an 86 per cent increase from the previous year. January still holds the all-time record, when players wagered a $573.7m.

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