In March, the sports betting control in Colorado witnessed a significant enhancement.
The NBA and March Madness are the two events that deserve monetary compensation.
According to data released by the Colorado Department of Revenue on Wednesday, the total gambling revenue in the Centennial State for the month of March, which includes both physical and virtual casinos, reached $505.6 million. This figure represents a 14.8% increase compared to the $440.5 million revenue in February, and more notably, a significant 68% surge compared to the $301 million revenue recorded in March 2021.
The amount recorded in Colorado for a non-football quarter was the highest ever, surpassing the total for March 2021.
Furthermore, the total amount of $505.6 million in Colorado is the second-highest ever recorded. The only time this record was surpassed was in January 2022, with a handle of $573.7 million.
Colorado’s legalization of sports betting in May 2020 resulted in the state experiencing a control month with revenues surpassing $500 million.
Below are the top five months for casino control in Colorado and Nevada, as recorded on playin-colorado.com:
- As of January 2022,$ 573.7 million
- In March 2022, the figure stands at 505.6 million.
- As of October 2021, the amount of money is $491.5 million.
- In November 2021, a staggering 475.4 million
- As of December 2021, the amount of $461.4 million
The revenue numbers are significantly higher this fiscal year.
Colorado’s total bets for the current July 2021 — March 2022 period have reached $3.8 billion, marking an impressive 86 percent surge compared to the total handle from the corresponding period in 2020 — 21.
In March 2022, the condition collected $1.3 million in taxes from sports betting.
The figure shows a remarkable surge of 317.2 percent compared to February.
In March, the taxes for the fiscal year reached $9.3 million, which indicates a significant growth of 78.3% compared to the taxes paid during the same period in 2020-21, which amounted to $5.2 million.
In command is Hoops.
Even though Colorado’s March wager on college sports generated a significant $96.9 million, they still fell short compared to their specialized equivalent.
In March, the NBA maintained its position as the primary source of revenue for the Centennial State, generating a substantial $218.4 million. This amount surpassed last year’s March revenue of $106.9 million by more than half.
Colorado has seen a complete takeover of professional sports betting in all three major events this year.
In March 2021, the school basketball event experienced a noteworthy surge, with the participation rate rising to 36.5 percent compared to the previous year. Additionally, the revenue generated from the March Madness tournament in 2021 amounted to a staggering $71 million.
Despite this, sports bets made up 62.4% of Colorado’s betting handle in March.
In terms of revenue, ice hockey ranked second in March, generating just over $26 million within the state.
Below is a list of the top 10 Colorado March activities.
Parlay
| by wager, activity | Fully Manage | Handle Online – | Store Solve | Revenue ( GGR ) |
|---|---|---|---|---|
| Basketball Professional | $218,351,428 | $216,469,474 | $1,881,954 | $5,761,348 |
| Basketball NCAA | $96,923,730 | $94,688,082 | $2,235,648 | $4,724,041 |
| Hockey | $26,036,773 | $25,863,235 | $173,538 | $1,656,538 |
| Tennis | $23,434,520 | $23,374,431 | $60,089 | $1,799,087 |
| Soccer | $18,013,443 | $17,964,173 | $49,270 | $1,401,191 |
| Golf | $5,378,010 | $5,351,279 | $26,730 | $830,231 |
| MMA | $3,423,168 | $3,370,177 | $52,991 | $771,709 |
| at a table, game | $1,339,773 | $1,329,825 | $9,948 | $88,619 |
| Motorsports | $887,765 | $884,544 | $3,221 | $108,693 |
| Baseball | $537,366 | $511,390 | $25,975 | $303,405 |
| Other | $11,567,143 | $11,504,836 | $62,307 | $918,484 |
| $99,717,961 | $98,891,613 | $826,348 | $9,874,848 | |
| Total | $505,611,080 | $500,203,059 | $5,408,021 | $28,238,194 |
tails off the golf stand
The Colorado standard sports betting income statement is incomplete without the inclusion of a table tennis launch or plan.
However, bettors in the Centennial State, who usually enjoy participating in market activities, unexpectedly witnessed a record-breaking low in Colorado’s handle.
In March bets, the game’s revenue was only $1.3 million. This amount is significantly lower, precisely 82.2%, compared to the control of $7.3 million.
The significant drop in activities on March 4 by Colorado & Co’s sportsbook can mainly be attributed to Russia’s invasion of Ukraine. Consequently, they decided to remove activities from Belarus and Russia.
Sports betting, , season, and on the board
The level of difficulty in the NBA Finals is increasing.
It is anticipated that the Stanley Cup playoffs will commence in the upcoming month, with the Colorado Avalanche being the favored team to win.
March is generally the final month with a significant amount of sports betting before the start of professional and college sports events in late summers.
The game address for Colorado saw a decline from $301 million to $244.4 million in 2021. It remained below $250 million until September, when it finally surged to $408.3 million.
Eric Ramsey works as a environmental scientist for the PlayUSA.com system, which also encompasses PlayinСolorado.
The strong start of the Colorado Rockies and the presence of the Denver Nuggets throughout April will help to minimize the inevitable seasonal slowdown. Ramsey claims that bettors have limited control over the scheduling of sporting events. However, the industry has made considerable advancements in the past seven months, and operators can anticipate a decrease that will attract even more individuals.
