Colorado online sports bettors place $417.8m in wagers for April
Like many other states, numbers dropped when compared to betting activity in March.
The Colorado Division of Gaming has published its April gambling numbers. This marks three years of regulated sports betting within the state’s borders.
Colorado raked in $417.8m in wagers during the month of April. However, bets placed throughout the month were not enough to beat March’s $494m total (understandably due to March Madness).
In a breakdown of Colorado’s total handle during the month, nearly $34.9m was generated from online wagers in April, as well as another $225,884 from its retail sportsbooks.
The downward trend in activity from March to April has been a common theme in several states with regulated sports betting. Other states reported boosts in activity in March due to March Madness and later posted lower figures for April, according to analysts.
Overall activity in April fell by nearly $10m when compared to bets in March, according to the report. Analysts said the decrease did not come as a surprise because professional football and basketball seasons are not yet in full swing, two factors that contributed to the March surge.
During April, Colorado’s sportsbooks generated $35.1m in gross gaming revenue. Net betting proceeds reached $25.8m during April.
Colorado players walked away in April with nearly $383m in winnings. Taxes collected by the state during April reached $2.6m.
With three years of online sports betting under its belt, Colorado has racked up more than $12bn in wagers since the market’s opening, along with more than $817m in gross gaming revenue. Net proceeds during the last 36 months have reached $416.5m, while the state has collected $43.7m in taxes.
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