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Colorado Department of Revenue’s latest figures for April 2023 depict a betting landscape with online betting taking a leading role. Out of a total wager intake of $417.8 million, retail wagers amounted to only $3.4 million. Contrastingly, a staggering $414.4 million originated from online platforms. Clearly, the digital domain is where Colorado’s bettors are placing their trust and, more importantly, their money.
Despite a 16% decrease from the previous month’s handle, April’s total handle showed a resilient 7% increase year-on-year. The downturn from March reflects a natural ebb and flow in betting, but the year-on-year uptick suggests a growing enthusiasm for sports wagering in Colorado.
Bettors also experienced fruitful returns in April. Retail players received payouts of $3.2 million, while online players took home a whopping $379.5 million. In total, the month returned $382.7 million to the hands of lucky bettors.
However, the gross gaming revenue, a critical indicator for the industry’s health, did not mirror this upward trend. Both online and retail platforms saw a 27% dip from March. The total gross gaming revenue for April stood at $35.1 million, with $225,884.19 coming from retail and $34.9 million from online.
As for tax collections, the state pocketed $2.6 million in April from sports betting. While this was a 17% decrease from March, it marked an impressive 109.7% jump year-on-year. This sizeable growth points to a maturing market, providing much-needed tax revenues for Colorado.
When it comes to winning, online bettors had a slight edge. With a win percentage of 8%, online bettors fared better than their retail counterparts who had a 7% win rate.
Basketball maintained its spot as the most wagered sport. It accounted for 33% of all sports wagers in April, amounting to $136.6 million. However, this is still a decline from the $287.3 million and 58% stats from the previous month.
An intriguing twist in the April report was the drop in tennis betting. Tennis wagers fell from $25 million and 5% of total wagers in March to $20 million and 5% in April. The reason for this decline remains uncertain, adding an element of intrigue to Colorado’s sports betting scene.