The Colorado Department of Revenue has reported $417.8 million in CO sports betting handle for April 2023, an increase of 6.5 percent year-over-year on 2022’s figure.
In line with predictions and the end of the major sporting season in the United States, April handle dipped significantly month-over-month from March. March 2023 saw $494.4 million wagered.
The state’s gross revenue also grew 55.3 percent year-over-year to reach $35.1 million, and this was only a marginal decrease in March’s reported $35.4 million; owing to a stronger hold and favorable sporting results.
The top 10 sports by total wagers for April were as follows:
- Basketball ($136.6 million)
- Baseball ($88.4 million)
- Ice Hockey ($31 million)
- Tennis ($19.9 million)
- Soccer ($18.3 million)
- Golf ($10.4 million)
- Table Tennis ($6.6 million)
- NCAA Basketball ($5.6 million)
- MMA ($4.9 million)
- Boxing ($2.2 million)
In addition, $73.1 million were wagered on parlays and $20 million fell into the broad bucket of ‘Other’.
Colorado has been offering online sports betting since the state law was approved by voters in 2019. At the end of 2022, there were 23 sports platforms available for bettors which are overseen by the Colorado Division of Gaming and Colorado Limited Gaming Control Commission.
Since then, Maverick Sports has ceased operations in Colorado and Bally Bet has temporarily paused its business in the state, meaning there are 21 sportsbooks live in the state. The Colorado Gaming Commission recently voted to take no action on the potential legalization of sports betting exchanges, with the commission voting 3-1 to delay adopting new rules.
Sports betting continues to be the fastest growth channel in commercial gambling for the state of Colorado, although there has been little to no progress on the legalization of Colorado online casino yet. Given tribal influence and heavy influence on brick and mortar casino traffic for tourism purposes, the movement towards online gaming has been ‘glacial’ at best.
Arguably for the United States to reach its ultimate growth potential, legalized California sports betting, online casino in Oklahoma and Florida sports betting are but a few markets that will need to be taken full advantage of.