Colorado Sports Betting Thrives with Record March Handle
The Colorado Division of Gaming has reported a solid sports betting performance for March 2024, with a handle reaching $593 million.
This figure marks a 20% increase from March 2023 and also positions it as the fourth highest in the 47 months since sports betting was legalized in the state.
Revenue and State Earnings
Sports betting operators in Colorado enjoyed a solid month, securing $45 million in gross sports betting revenue with a 7.6% hold, which is the sixth highest in state history and the eighth time revenues have surpassed $40 million.
Despite a slight decrease of 1.9% in revenue compared to March 2023, due to a lower hold percentage, the adjusted gross revenue for tax purposes stood at $31.6 million, contributing $2.9 million to state tax coffers.
Year-Over-Year Increases
The first quarter of 2024 has been fruitful for Colorado’s sports betting scene. The total winnings for the initial three months have risen by 19.5% to $124.3 million, with the handle up by 17.7% year-over-year, totaling $1.73 billion.
This growth has translated into a tax collection of $8.2 million, which is $1.3 million ahead of the pace set in the first three months of the previous year.
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