June 2, 2023

Colorado sports betting rebounds in March with over $300 million in wagers

Sports betting wagers rebounded in March with more than $300 million wagered, up from $266.5 million the prior month, according to Colorado’s revenue office. 

March’s wagers mark a 12.9% increase from February, which saw an 18.5% slump from $326 million in wagers during January.

The state collected more than $1 million in taxes on March’s wagers, and over $5.5 million total since Colorado legalized sports betting on May 1 last year.

The $300 million in retail and online wagers also put the state at $2 billion in total wagers since last May, the Colorado Department of Revenue’s Division of Gaming said. The state surpassed $1 billion total wagers in December.

“These large totals posted month-over-month show us that Coloradans are embracing this new form of entertainment,” Division of Gaming Director Dan Hartman said in a statement. “We look forward to what will emerge in the market moving forward, as more and more sporting leagues resume a regular schedule of play and what that will translate into returns for Coloradans.” 

The sports with the highest wagers in March were basketball ($106.9 million), NCAA basketball ($70.9 million), ice hockey ($13.7 million), and tennis ($10.8 million).

Industry analysts at PlayColorado attributed the month’s success to the NCAA’s March Madness tournament.

“With the NCAA Tournament, a return to growth is no surprise, but it is still good to see after a bit of a relatively disappointing month,” PlayColorado analyst Ian St. Clair said in a statement. “Considering the circumstances Colorado launched under, at a time when major U.S. sports were dormant, the state really has been one the U.S. sports betting industry’s great success stories.”

This article was originally posted on Colorado sports betting rebounds in March with over $300 million in wagers

Sydney Boles