Colorado continues to embrace legal sports betting with another surge in revenues for March

Image source: Shutterstock

Colorado sportsbooks have reached another notable milestone in the US sports wagering market by hitting the $2bn mark in total wagers only three months after reaching $1bn in December 2020. 

The March figures released by the state’s Division of Gaming continue to show the upward growth trajectory of the legal sports betting market with the second-highest monthly total since sports betting was introduced on May 1, 2020. 

The total handle for March 2021 came in at $300,990,842, a 12.9% increase over the prior month. Taxes collected by the state in March 2021 from sports betting wagers totaled $1,060,854. 

Unsurprisingly, mobile betting continues to account for a majority of the total betting handle, with 98% of wagers made online and 2% of bets placed in a retail venue. Basketball dominated the betting for March with professional basketball taking the top spot, bringing in $106.9m in wagers placed with retail and online operators. 

March Madness tournament NCAA basketball followed in second with $70.9m, and in third was ice hockey with $13.7m. Tennis was in the fourth spot with $10.8m in total bets, and soccer rounded out the top five sports with $8.9m. 

“These large totals posted month-over-month show us that Coloradans are embracing this new form of entertainment,” said Dan Hartman, Director of the Division of Gaming. “We look forward to what will emerge in the market moving forward, as more and more sporting leagues resume a regular schedule of play and what that will translate into returns for Coloradans.”