The first year of sports betting in Colorado is officially in the books.
Earlier this month, the Colorado Division of Gaming released unaudited numbers for April. On Tuesday, the state confirmed those numbers with its full report. For the month of April, the state brought in $244.5 million in bets for the month, a drop of 18.8% from the $300.1 million in March.
While there was a dip from March to April, it was expected. Remember, there was no NFL (aside from futures wagering and NFL Draft betting) and no college basketball or March Madness. Those two sports drive sports betting.
Each state with legal sports betting has reported a month-over-month decline in April wagering. Of the largest sports betting markets in the U.S. that have already reported April data, Indiana (-25.4%), Iowa (-26.7%), and Michigan (-30.5%) all experienced a more dramatic month-over-month decline than Colorado. New Jersey (-13%), Tennessee (-13.6%), and Pennsylvania (-14.4%) were all slightly better than the Centennial State.
April sports betting numbers
In the month of April, sportsbooks in Colorado generated $17.6 million in gross gaming revenue. That’s a small drop from the $20.4 million in March.
The net betting proceeds produced $10.5 million in April. That’s about even with the $10.6 million in March.
The state also collected $1.1 million state taxes for the month, a slight increase of the $1 million in March.
What has remained consistent since the launch of sports betting in Colorado, online is where the bets are made. In April, $241.9 million of the total handle came from online wagers. Only $2.5 million came from retail sportsbooks.
One thing to keep an eye on as the state sees a return to normalcy is the traffic at retail shops, especially as the Colorado Avalanche and Denver Nuggets (hopefully) make deep pushes in their respective playoffs. And, of course, the NFL. If the Denver Broncos are able to swing a trade for Aaron Rodgers, the excitement level will jump above a mile high.
First year of sports betting in Colorado
For the first year of online sports betting in Colorado, from May 1, 2020 to April 30, 2021, sportsbooks produced:
- $2.3 billion in wagers
- $147.4 million in gross gaming revenue
- $61.5 million in net betting proceeds
- $6.6 million in state taxes
While the first year of legalized sports betting in Colorado will always be linked to COVID-19, there is hope we are returning to “normal.”
Arenas and stadiums across the country are welcoming fans back to games. And with the NFL still a few months off, the possibility remains that we’ll see a full stadium for the Denver Broncos.
That will only heighten the interest for bettors across the state and increase the Colorado sports betting revenue.
Top sports wagered on
For the fourth-straight month, NBA betting in Colorado was by far the catalyst for the market. For the month, the NBA brought in $84.3 million in wagers.
Despite how putrid the Colorado Rockies are, baseball was the second-most wagered on sport for April, bringing in $48.3 million.
And since we’re talking about Colorado, table tennis betting once again cracked the top 5. For April, it brought in $9 million, which was good enough for fourth.
After a strong March ($10.9 million), real tennis dipped to No. 6 in April. Still, the sport got $8.1 million in wagers.
Top 5 betting sports
- NBA $84.3 million
- Baseball $48.3 million
- Hockey $10.6 million
- Table tennis $9 million
- Soccer $8.7 million
| Wagers by sport | Total Handle | Online Handle | Retail Handle | Revenue (GGR) |
|---|---|---|---|---|
| Basketball | $84,282,447 | $83,051,912 | $1,230,535 | $2,837,327 |
| Baseball | $48,269,730 | $47,841,788 | $427,942 | $2,658,153 |
| Hockey | $10,602,122 | $10,514,805 | $87,317 | $572,457 |
| Table Tennis | $8,961,483 | $8,956,738 | $4,746 | $728,764 |
| Soccer | $8,743,996 | $8,669,322 | $74,674 | $764,615 |
| Tennis | $8,126,095 | $8,123,216 | $2,878 | $790,908 |
| NCAA Basketball | $6,840,999 | $6,640,740 | $200,259 | -$210,262 |
| Golf | $6,407,735 | $6,385,390 | $22,345 | $661,853 |
| MMA | $2,697,007 | $2,663,997 | $33,010 | $120,633 |
| Pro Football | $1,697,172 | $1,678,372 | $18,800 | $79,895 |
| Other | $14,901,725 | $14,884,555 | $17,170 | $1,333,545 |
| Parlay | $42,916,248 | $42,509,051 | $407,197 | $7,226,052 |
| Total | $244,446,760 | $241,919,886 | $2,526,874 | $17,563,939 |
