Following the passing of the HB19-1327 bill back in 2019, the Centennial State become the nineteenth US states to legalize online sports betting activities within its borders. Once the bill was signed into law by the voters, both online and retail sports betting sites were allowed to start offering their services and products in Colorful Colorado as of the 1st of May last year.
Almost one year later, the state of Colorado became the sixth US state to generate USD 2 billion in lifetime betting revenues. Since May 2020, many renowned Colorado betting sites emerged on the scene and all of them are fully licensed and regulated by the Colorado Division of Gaming regulatory body that grants licenses alongside being responsible for overseeing all sorts of iGaming activities within the state’s borders.
The launch of online sports betting sites on the 1st of May 2021 allowed the newly thriving Colorado iGaming market to offer Colorado residents awesome betting deals on various betting markets with all major leagues covered including the NBA, NFL, MLB, and others. With awesome opportunities, Colorado bettors invested over USD 300 million in bets in March only.
Sportsbooks in Colorado Generated Over USD 300 Million in Bets in March
After looking into these staggering official numbers, it becomes obvious that Colorado sportsbooks have managed to bounce back quickly from the previous month’s decline. With over USD 300 million generated by Colorado sportsbooks in March, the thirty days of the month were enough for the state’s iGaming sector to surpass a staggering USD 2 billion in lifetime betting handle. Reaching this milestone came only eleven months after the iGaming industry officially launched.
Before Colorado, only five states surpassed this USD 2 billion mark in lifetime betting revenues. March Madness and the biggest NCAA tournament most certainly fueled those March growing numbers as the state’s retail and online sports betting sites took in over USD 300 million in wagers. According to the official report by the Colorado Department of Revenue’s Division of Gaming, revenues from betting on sports like football, basketball, and NASCAR increased by around 12% percent when compared to February, and USD 266 million generated in wagers that month.
Colorado Sports Betting Revenue Report
According to the official report by the Colorado Department of Revenue’s Division of Gaming, Colorado bettors wagered around USD 9.7 million daily in March which is slightly more than February when they wagered around USD 9.5 million daily. March has also been more successful as USD 20.4 million was generated in gross gaming revenues as opposed to USD 10.4 million taken in back in February. Eleven months after launching, Colorado sportsbook gave away USD 5.6 million to the state in taxes.
In March, Colorado sportsbooks gave away to the state USD 1.1 million in taxes. This is way above the state’s biggest competitor in terms of their market size Indiana which generated around USD 2.5 million in taxes from USD 316 million in wagers.
The most bets were placed on the NCAA and the NBA. Basketball and NCAA online bets generated USD 103 million and USD 69 million respectively and USD 3.2 million and USD 1.2 million in retail. So, 35.5% and 23.6% of all wagers by Colorado bettors were placed on the NBA and NCAA basketball. The top ten sports in Colorado by total bets placed include:
- Ice hockey with USD 12 million in online wagers
- Tennis with USD 10 million in online wagers
- Soccer with USD 8.9 million in online wagers
- Table tennis with USD 8.8 million in online wagers
- Golf with USD 4.8 million in online wagers
- MMA with USD 3.4 million in online wagers
- Baseball with USD 599,147 in online wagers
- Motorsports with USD 601,850 in online wagers
- Parlays generated over USD 55 million from online bettors
- Other bets generated over USD 15 million from online bettors
