The fourth month of the year wasn’t kind to CO sports betting, with double-digit declines in handle and net revenue in the Centennial State. Overall, Colorado sportsbooks took in $417,814,147.012 in handle during April, down 15.5% from March’s total of $494.4 million.
Colorado’s net sports betting revenue during the month fell 26.94% from March, dropping from $35.4 million to just over $25.8 million in April.
Through four months of the year, Colorado sportsbooks have now taken in under $1.9 billion in wagers, representing just under a 3% drop from last year’s total of $1.912 billion during the same period.
Here’s what you need to know about Colorado’s April sports betting report from the state’s gaming regulators.
Mobile Sportsbooks Dominate Handle Again
Though Colorado has both retail and mobile options, roughly 99.2% of all sports betting wagers were placed on Colorado sports betting apps in April, with a retail handle of just $3,437,971.18 (compared to the state’s mobile handle of $414,376,175.84).
The dominant sport for Coloradans to bet on in April was basketball, with a total handle of $130.546 million wagered on the hardwood during the month. That bodes well for May and June numbers as well with the Denver Nuggets making a push for their first NBA title.
Basketball betting in the Centennial State represented 32.7% of all wagers placed in April, while baseball ($83,153,975.39, or 21.2%) and ice hockey ($27,475,877.26, or 7.4%) were the other main sports that bettors in Colorado wagered on during the month.
The only other sports to draw at least 2.5% of all wagers placed in Colorado during April were tennis ($17,972,210.99, or 4.8%), soccer ($16,916,442.13, or 4.4%) and golf ($9,169,877.72, or 2.5%).
The rest of the top 10, as far as Colorado’s sports betting favorites in April, were table tennis ($6,062,057.82, or 1.6%), college basketball ($6,786,480.73, or 1.3%), MMA ($4,455,692.03 or 1.2%) and boxing ($1,314,252.37, or 0.5%).
Parlay and combination bets collected a total handle of $59,985,208.68, representing 17.5% of all wagers placed during April in Colorado, while “other sports” collected 4.9% of the state’s handle, at $18,826,805.10.
Tax Breakdown
As far as taxes are concerned, Colorado sportsbooks chipped in $2,582,615 in April, bringing the state’s yearly contributions to $9,529,428.
That four-month total represents a 121.2% increase from the $4,307,501 the same operators chipped in during the first four months of 2022, showing how far the state’s new restrictions on bonuses and promotions have gone in bolstering the state’s take from wagering totals.
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