Colorado Sports Betting Wraps Up Odd First Year With April Slide

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Colorado sports betting

Colorado sports betting drew $2.3 billion in wagers during the state’s first 12 months of legal operation.

April’s $244.5 million in bets wrapped up the first full year of sports betting in Colorado. More than $241.9 million of those April bets came online.

During the month, Colorado sportsbooks generated $17.6 million in gross gaming revenue, a 7.2% hold, according to a Colorado Division of Gaming report released Tuesday.

March to April sports betting dip in CO

April’s Colorado sports betting handle represented an 18.8% drop from the $300.1 million total in March.

Despite the dip in overall handle, the state stayed fairly level with $10.5 million in net gaming revenue and $1.1 million in state taxes.

The spring dip is a regular occurrence in legal sports betting states. Indiana, Iowa and Michigan all dropped more than 25%. New Jersey, Tennessee and Pennsylvania all declined more than 13%.

The declines are expected as March Madness betting wraps up early in the month, and the NHL and NBA wind down their regular seasons. With limited NFL betting action, February was the first monthly decline since the state launched before a quick uptick in March.

Basketball still fuels Centennial State

With the Denver Nuggets surging to end the season, the NBA brought in $84.3 million in April bets. It was the fourth straight month the NBA led bets in Colorado.

Baseball was No. 2 with $48.3 million.

As the Colorado Avalanche wrapped up their season atop the Western Conference, hockey bettors wagered $10.6 million.

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Bizarre first Colorado sports betting year

Colorado launched sports betting in May 2020, while the sports world was still effectively shut down at the beginning of the COVID-19 pandemic.

The months of altered sports schedules undoubtedly hampered potential sports betting revenue, which hit $147.4 million in gross gaming revenue on the $2.3 billion in bets. The state generated $6.6 million in taxes on $61.5 million net gaming revenue.

With the beta launch of Bally Bet, there are now 22 mobile sportsbook operators in the state. Colorado reports do not separate individual sportsbook performance.

While a normal sports schedule could boost second-year figures, a growing number of neighbors are passing sports betting legislation. Arizona, Nebraska and Wyoming all passed some form of betting this year and could drain off some wagers.