Colorado betting handle managed to bounce back in March following a dip in handle in February.
According to the latest report from the Colorado Division of Gaming, Colorado bettors wagered $301m on sports in March.
March’s handle was up from the $266.5m wagered in February, but down from the record $326.9m wagered in January.
Online bets made up $295.2m of March’s total handle while bettors wagered $5.8m at land-based sportsbooks in the state.
Gross gaming revenue from sports betting came to $20.4m in March. This was up from the $10.4m generated in February but down from the $23.1m generated in January.
Online sports betting accounted for $21.4m of the state’s betting revenue in March, but land-based sportsbooks made a loss of $1m pushing the overall figure down for the month.
Sportsbooks paid out $280.6m in winnings to players and paid $1.1m in taxes to the state.
What did people bet on?
Professional basketball was the most popular sport to bet on in Colorado in March with bettors wagering $106.9m on the sport. NCAA basketball was the second-most-popular sport to bet on, bringing in just under $71m in bets.
Hockey was the third most popular sport to bet on which accounted for $13.8m of the state’s handle in March.
Tennis followed behind bringing in $10.9m in bets while bettors in the state wagered $8.9m on soccer events. Bettors also wagered $55.8m on parlays and combinations in March.
Total Colorado handle hits $2bn
With Colorado’s March handle, the state’s total handle since launching in May 2020 has now passed the $2bn mark.
Since launching, sportsbooks in Colorado have managed to generate a combined $129.7m in revenue.
Colorado’s sports betting market went live in May 2020 with the launch of the DraftKings, FanDuel, BetRivers, and BetMGM online sportsbooks.
Since then, several other operators have entered the market, and more expected to launch in the coming months. Thanks to the state’s licensing structure, the state could have more than 30 sportsbook operators once the market reaches full maturity.
Like New Jersey, Pennsylvania, and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines.