Colorado Reports $509.5 Million Sports Betting Handle in April 2024
In April 2024, Colorado’s sports betting market achieved a total handle of $509.5 million.
Dominance of Online Betting
The April figures, although representing a 14.09% decrease from March, still mark a 21.95% increase compared to April 2023, indicating sustained growth in the state’s betting industry.
Since the beginning of the year, Colorado has accumulated a total handle of $5.2 billion, reflecting a 16.41% rise from the previous year.
The vast majority of sports bets in Colorado were placed online, with online betting contributing $507.1 million to the total handle in April. This dominance underscores the growing preference for online betting over traditional retail sportsbooks, which only generated $2.4 million in April, the lowest since August 2023.
Revenue and Profitability
Online sportsbooks in Colorado reported gross gaming revenues of $32.2 million in April, benefiting from a win rate of 6.35%. In contrast, retail sportsbooks experienced a loss of $160,166.41, with a negative hold rate of -6.77%.
Pro basketball was the most popular sport for bettors, with wagers totaling $169.6 million in April, driven by the ongoing NBA season. This sport’s popularity significantly contributed to the overall betting handle.
Despite a decrease in monthly tax revenue, with April contributing $1.9 million compared to $2.9 million in March, the year-to-date tax revenue from sports betting has reached $25.4 million. This amount represents a 10.85% increase from the same period last year, showcasing the financial benefits that sports betting brings to Colorado.
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