Last updated on May 12th, 2024 at 05:31 am
March has always been a good month for sports betting in the US. The NBA and NCAA basketball tournaments were running in full swing back in March, and basketball betting made up half of all of the bets in sportsbooks in the state.
The total bets for basketball in the state for March were $298.9 million. $297.2 million of the wagers came from online sportsbooks, while $1.7 million are from brick-and-mortar sportsbooks. Let us take a look at the Colorado sports betting market and its performance.
Colorado Sports Betting in Numbers
Colorado Sports Betting Handle This March
The total monthly sports betting handle in the state for the month of March is at $593 million, with a total gross gaming revenue of $45 million. With the data from the report, we know what sports they prefer to bet on. We also see an increase in popularity of betting in the country as more states regulate sports betting, therefore increasing visibility of online sports betting to the public. And with the convenience online sportsbooks offer, we also know why more people are betting on sports online.
Online Sports Betting in Colorado
As always, online sports betting remains to be the primary mode of betting, with 99% of the handle coming from online sportsbooks. The preference for online wagering is dominant across the country.
And with online sportsbooks earning millions each month, more business-minded people are learning how to be a bookie so they can be part of the very lucrative sports betting industry.
Colorado Betting Year-on-Year Numbers
While revenue and taxes fluctuate, the total handle for Colorado sports betting was the only metric to register a year-over-year increase at 20%. The $593 million handle represents a generous 20% increase from March 2023. Meanwhile, the state collected $2.85 million in total taxes, contributing to a year-to-date total of $23.5 million, which is a 15.53% year-on-year increase.
Where Colorado Residents Bet On
With half of the handle coming from basPro basketball/NBA betting took center stage. The NBA accounted for a whopping 50% of all wagers in March, totaling just shy of $299 million. This surge represents a massive leap from March 2023’s $193 million basketball handle. Of course, with the Denver Nuggets in the running to get into the postseason, betting on the local NBA team would have driven the handle up.
But the NCAA basketball tournament drove significant betting activity across sportsbooks. Fans and bettors alike flocked to sportsbooks, placing wagers on their favorite college teams in what was a very exciting run of the NCAA basketball tournament for both the men’s and women’s divisions. Betting on college basketball translated into $36 million in wagers across both retail and online sportsbooks. Here is the breakdown for each sport:
| Sport | March Handle |
| Basketball (NBA) | $298.9 million |
| NCAA Basketball | $36.2 million |
| Tennis | $29.2 million |
| Ice Hockey | $22.3 million |
| Soccer | $21.1 million |
| Table Tennis | $14.1 million |
| Baseball | $13.0 million |
| Gold | $6.1 million |
| MMA | $5.4 million |
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