Colorado Sports Betting Back On The Upswing With March Madness Boost

Posted on April 28, 2021
Colorado sports betting

After its first monthly handle dip in February, Colorado sports betting increased again in March.

Colorado bettors wagered $301 million in March, according to a Colorado Division of Gaming report released Tuesday. Since launching in May 2020, the state has now surpassed $2 billion in handle.

While March’s total is below January‘s all-time record handle of $326.9 million, it was above February’s $266.5 million.

Colorado sports betting revenue back on the upswing too

CO sports betting generated $20.4 million in gross gaming revenue in March, a 6.77% hold for sportsbook operators.

That was up from February’s $10.4 million. As with overall handle, January also is the all-time revenue mark of $23.1 million.

The state collected $1.06 million in taxes.

Online sports betting stays strong

Online wagers in Colorado maintained dominance, with $295.2 million, or 98% of bets, coming digitally.

The previous two months saw approximately 97% of wagers made online.

Operators turned in a negative month in retail sportsbooks, with a reported -$1 million in gross gaming revenue. That was the result of $5.8 million in in-person bets and $6.8 million paid out at retail sportsbooks.

Super Bowl futures and other long-term bets coming in typically cause those results.

Basketball a big draw in Colorado

The NBA remained in the top slot in March, drawing $106.9 million in bets. March Madness betting was strong, pushing NCAA basketball into the second slot with nearly $71 million in wagers.

College basketball was third in February with $24.1 million in bets.

Table tennis losing steam in the Rockies?

Table tennis has been a staple in the top five of sports in Colorado since launching in May 2020.

After drawing $13 million in February bets, the obscure sport dipped to the sixth spot in March with $8.8 million in bets.

March’s top 5 in Colorado

  • Basketball: $106.9 million
  • NCAA basketball: $70.9 million
  • Hockey: $13.8 million
  • Tennis: $10.9 million
  • Soccer: $8.9 million

Parlays drew $55.8 million in bets.

Colorado neighbors pushing into sports betting

The 2021 legislative session has seen a flurry of activity for Colorado’s neighbors and could suck some sports bets out of state.

Wyoming legalized mobile sports betting on April 5, with a goal to launch this year.

Arizona will likely see sports betting launch by NFL kickoff after Gov. Doug Ducey signed sports betting legislation on April 15.

Nebraska is pushing retail sports betting to the finish line as part of a broader expansion in casino gaming.

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Pat Evans

Pat Evans is a Las Vegas-based reporter covering sports business. Evans previously worked at Front Office Sports and the Grand Rapids Business Journal. He has authored two books: Grand Rapids Beer and Nevada Beer.

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