The Colorado Sports Betting Handle is $593 million in March

This was reported by the Colorado Division of Gaming $593 million in March sports betting on Tuesday, continuing the Centennial State's strong year-over-year growth for the first quarter of 2024.

It was the fourth-highest total in 47 months of betting and 20% higher than March 2023. Colorado has surpassed the half-billion-dollar mark in seven straight months, the longest streak in state history.

Operators had a solid month, posting a 7.6% hold to claim $45 million in gross sports betting revenue. That ranked sixth in state history and marked the eighth time $40 million has been won. The state was able to raise taxes on $31.6 million in adjusted gross revenues, resulting in an inflow of $2.9 million into state coffers.

Sales decreased 1.9% compared to March 2023, as last year's sales were 1.7 percentage points higher. However, first-three-month profits rose 19.5% to $124.3 million, and revenues of $1.73 billion represented a 17.7% increase year-over-year.

The state has collected $8.2 million in taxes so far, which is $1.3 million more than last year through the first three months.

Basketball proves a big draw in March

2024 YTD #SportsBetting handled by state (1/4). Until March in CAPS:

1 NEW YORK ~$5.6 billion
2 NEW JERSEY $4.13 billion
3 Illinois $2.36 billion
4 PENS. $2.32 billion
5 OHIO $2.29 billion
6 NEVADA $2.28 billion
7 MASS. $1.85 billion
8 COLORADO $1.73 billion
9 MARYLAND $1.524 billion
10 MICHIGAN $1.515 billion#SportBettingX #GamblingX

— Chris Altruda (@AlTruda73) April 30, 2024

In March, the Denver Nuggets put themselves in prime position to defend their NBA title and the Colorado Buffaloes reached the second round of the NCAA tournament, a move that proved worth a bet or two for gamblers in the state. Basketball betting accounted for almost 60% of total revenue, with professional basketball reaching a monthly record of $299 million.

Operators generated $17 million in revenue from these bets, with the 5.7% being the highest of the season since hitting a 7% win rate in March 2023. The College Hoops deal totaled $36.3 million, an increase of 43.9% from February, while the $1.9 million in gains resulted in a 5.2% ownership.

Parlays and same-game parlays generated the bulk of revenue for Colorado operators, who won $18.8 million on the multi-leg bets. The house had a 15% ownership on $125.4 million in such bets, slightly below this year's 15.2% winning percentage.

Table tennis reached monthly record highs for turnover and traction. The niche sport that is wildly popular with betting in Colorado earned operators nearly $1.1 million in revenue in March, eclipsing the previous record set last September by $30,000. The $14.1 million stakes placed erased the short-lived $12.6 million standard set in February.

The house once again performed well in standard tennis, generating $2.1 million in revenue from $29.3 million in revenue while topping the industry standard of 7% for the 20th month in a row. Operators achieved a 12.2% win rate on tennis bets in the first quarter, with the $13.2 million in winnings almost half of the $27.5 million claimed in all of 2023.

On the other hand, bettors won $973,732 on top of their $6.2 million in golf bets for March. It was the largest monthly loss reported by operators for golf betting, with a previous high payout of $713,761 in July 2022.

The Division of Gaming does not disclose revenue and revenue figures by operator, although the hold on bets placed through sports betting apps was 7.6%. Mobile sportsbooks claimed $44.9 million in gross revenue from $589.3 million in wagers, while their retail counterparts finished with a 4.4% share of winning $165,800 from $3.7 million in bets.