Colorado Sports Betting Takes $147.3m In Inaugural YearPublished June 4, 2021 by Sol FH
Revenue from sports betting in Colorado hit $147.3m during its debut year of regulation in the state.
Players wagered a staggering total of $2.34bn in Colorado in the first year of regulated sports betting in the state. Colorado legalized and regulated the industry beginning on May 1, 2020, with venues for retail, as well as online sports wagering available to players.
Although the month of April, the last month of the inaugural year of regulation, saw a decline in revenue of $17.6m, down 13.7% from the big month of March, wherein revenue hit $20.4m. In January, Colorado set a new revenue record of $23.1m adding to the strong first year.
Online wagering was far stronger than retail activities, albeit COVID-19 did not help retail venues whatsoever. In April, gross gaming revenue reached $17.4m from online wagers, while retail hit just $186,291.
In April, player spending led to the state's handle of $244.4m, down 25.2% from the monster month of January and 18.8% lower than the $301.0m that was bet on in March.
Basketball Takes Top Spot
As suspected, Basketball was the biggest breadwinner during the month, bringing in $84.2m in total wagers, for a total of 34.5% of all wagers placed in April.
The second-biggest earner was Baseball, which brought in $48.3m in bets, or 19.7% of total wagers, followed by hockey with $10.6m, or 4.3% of all bets placed in April. There was $42.9m placed in parlay bets, which made up a total of 17.6% of bets.
The state was able to make $1.1m in tax revenue from sports betting that month, while players won $226.9m.
As the market enters its second year it is expected that revenue should grow and even more record-breaking months are on the horizon. Many surrounding states are now creating regulations and setting themselves up for a licensed industry, but for now, it's Colorado punters, operators, and government programs that are reaping the rewards.