Colorado Enjoys Its 4th-Best Sports Betting Month Ever Thanks to March Madness

March Madness significantly contributed to the success of top sports betting sites, leading to a successful month for Colorado.

In its March report, the Colorado Division of Gaming announced that March 2024 was the fourth highest-grossing month in the 47 months since the launch of Colorado sports betting apps and retail providers.

Even though Centennial State sports betting apps had only an average hold rate, their revenues were still fairly impressive, ranking as the sixth-highest gross gaming revenues ever in Colorado.

$593 million March handle

In March, the sports betting industry in Colorado saw a total of $593 million in wagers, marking the seventh consecutive month in which the state’s top sportsbooks exceeded half a billion dollars in bets.

The amount of $593 million reflects a 20% increase in sports betting compared to the $494.4 million accepted in March 2023. It also shows a 10.5% improvement from the $537 million accepted in February.

In March, websites linked to Colorado sportsbook promotions accounted for $589.3 million of the total handle, while retail contributed $3.7 million.

$45 million in gross sports betting revenue

In March, Colorado’s top sportsbook promos generated $45 million in revenue, marking the sixth-highest monthly profits for the state. This also marks the eighth instance where the best live betting sites in Colorado have collectively surpassed $40 million in revenue in a single month.

The $45 million in profits for March show a significant increase of 74.4% from February’s $25.8 million, but also a slight decrease of 1.9% compared to March 2023’s $45.9 million.

In March, Colorado sports betting sites accounted for approximately 99.8% of the total revenue generated by state providers, totaling $44.9 million out of $45 million.

In March, adjusted taxable revenues totaled $31.6 million, resulting in a collection of $2.9 million for state and local tax funds that support those in need.

So far this year, Colorado tax revenues have increased to $8.2 million, which is $1.3 million more than the same period last year.

Basketball predictably provides

In March, Colorado sportsbooks were buoyed by the excitement of the March Madness tournament and the Denver Nuggets’ pursuit of a repeat in the NBA playoffs. It came as no surprise that these events accounted for nearly 60% of the state’s total sports betting handle, totaling around $299 million. The top March Madness betting sites and NBA betting sites saw significant action during this time.

In the Colorado market, basketball in March generated a total handle of $36.3 million, resulting in revenues of $17 million.

The top three most wagered on sports in the Centennial State in March were pro basketball, college basketball, and tennis, in that order.

During the 31-day betting period in March, multi-leg wagers, also known as parlays, accounted for the largest portion of Colorado sports betting revenues, bringing in $18.8 million for the state’s top sportsbooks.