Colorado Sports Betting Sees Year-on-Year Growth, April Wagers Drop
According to the Colorado Division of Gaming’s monthly revenue report, licensed sports betting operators in Colorado reported accepting $417.8 million in wagers during April. Although this represents a 15.5% decrease compared to March, it marks a 6.5% increase compared to the same period in 2022.
Among sports wagers, basketball attracted the most bets, with local sports fans wagering $136.6 million on the sport in April. Baseball followed with $88.4 million in wagers, and ice hockey with $31 million.
The Colorado Department of Revenue reported that gross gaming revenue (GGR) from sports betting in April reached approximately $35.1 million, indicating a significant year-on-year increase of 55.3%. Sportsbooks had a combined win percentage of 8.41%, resulting in net sports betting proceeds of $25.8 million.
Sportsbooks paid $2.5 million in taxes to the state, reflecting a notable 109.7% increase compared to the previous year. The total amount of taxes collected from sports wagering in 2023 now stands at $22.8 million.
Additionally, the Department of Revenue released a comprehensive report on the first three years of sports betting in Colorado, revealing that Coloradans have wagered nearly $12.1 billion on sports since the industry’s launch in May 2020. Out of that figure, $11.9 billion was wagered through online sportsbooks. GGR for the first three years amounted to $817 million, while the state collected $43.7 million in taxes since the launch of sports betting.