Nikola Jokic # 15 of the Denver Nuggets reacts during a game against the Atlanta Hawks. Kevin C. Cox / Getty Images / AFP
In February there was a common theme in the US legal sports betting industry. Burglaries characterized the handles in all participating jurisdictions. But from one bad trend comes a good one – sports betting action across the country in March has grown across the board thanks to basketball.
The last state to report a bump in March madness is Colorado, which released its March sports betting numbers this week. What they revealed was the second highest hold in the state’s eleven month existence on sports betting. The impressive route in March also took Colorado over a $ 2 billion lifetime milestone.
“These large sums of money released month after month show us that Coloradans are embracing this new form of entertainment,” said Dan Hartman, director of the Division of Gaming, in a press release. “We look forward to what will develop in the market in the future as more and more sports leagues resume their regular schedule and what this will lead to returns for Coloradans.”
Break down numbers
According to the Colorado Division of Gaming, the state’s sports betting grossed $ 301 million in the resurgent month of March when the NCAA basketball tournament hit not just the world of sports betting but the entire country. The March handle represents a 12.9% increase from $ 266.5 million in February when there were just 28 days of betting, one weekend less betting and a noticeable Super Bowl hangover.
Though impressive in March, the grip fell short of the January state record of $ 326.9 million.
The gross gaming revenue (GGR) in March also showed a nice increase compared to February. Sports betting in the state made $ 20.4 million, an impressive 95% more than the $ 10.4 million they made in February. This is partly thanks to a share of 6.77% in March – a huge increase from the share of 3.92% in February.
From the profits, Colorado Sportsbook contributed $ 1.06 million in taxes to the state and local coffers thanks to the 10% tax rate on state sports betting. It was a nice 219.3% increase over February’s tax contributions of $ 332,227.
Mobile apps and basketball were history
The Colorado mobile betting scene continues to dominate the general handle of the state. Outside of Tennessee, the only legal sports betting state in the country, Colorado is the country’s most successful internet-based sports betting platform.
In March, Colorado betting apps accounted for $ 295.2 million of the total of $ 301 million, or 98%. That’s 14.3% more than in February ($ 258.2 million).
Basketball was the other big story in the Colorado legal sports betting scene. Surprisingly, March Madness made the second highest contribution to total throughput at $ 70.9 million. Pro basketball was the top earner at $ 106.9 million, hockey at $ 13.7 million, tennis at $ 10.8 million, and soccer at $ 8.9 million. For the first time in about a year, Juggernaut Table Tennis failed to make it into the top five.
Colorado still ranks second among the betting-friendly states, behind, among other things, behind the more populous and more liberal betting states of New Jersey, Nevada and Pennsylvania. It is currently the sixth among the states that have already reported their March admission with Illinois and Virginia to have their numbers released. It’s respectable given the size of the Colorado market and exactly where the Colorado scene began.
“A return to growth with the NCAA tournament is no surprise, but it’s still good to see after a relatively disappointing month,” said Ian St. Clair, analyst for sports betting website PlayColorado, in a press release. “Given the way Colorado was born at a time when the major US sports were dormant, the state has truly been one of the greatest success stories in the US sports betting industry.”
On the way to April
Colorado sports betting is expected to maintain momentum in April. March baseball numbers were less than spectacular ($ 600,000) but are expected to increase dramatically as we near summer and the games mean a little more. The NBA and NHL seasons are also drawing to a close and are expected to pique the interest of the bettors later this month.
Colorado has some work to do to stay in the “top eight” betting courts in the US market. Newcomer Virginia is expected to push Colorado forward and make his presence felt in the rankings. Maryland is also a state to watch out for.
While hitting the record high in January is unlikely to be possible until the Denver Broncos are back on the field in September, Colorado is expected to continue to see decent numbers.
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