Sportsbooks in Colorado saw a drop in monthly sports wagering handle during April, as most sporting seasons came to a close.
According to PlayColorado, sports bettors in Colorado wagered $392.3m in April, down 22.4% from March’s total of $505.6m – a total representing the third-largest month in its history.
Such a monthly drop-off was expected, given that the football and college basketball seasons had finished, giving fewer opportunities for players to wager on sports.
Despite the drop-off in monthly wagers, the $392.3m was a 60.5% increase year-on-year, showcasing the increase in popularity of sports betting across players in the Centennial State.
Similar trends were noticeable in sportsbook revenue figures, which saw a 20.1% decrease from March, standing at $22.6m during April. It also represents an increase of 28.5% from April 2021’s figure.
Following deductions from marketing expenses and federal taxes, sportsbook took in $11.5m in net sports betting proceeds during the month. This generated $1.2m in state taxes, compared to $1.08m one year ago.
Pro basketball was the most popular sports to bet on during April, with sportsbooks handling $146.4m in wagers from the sports. This was due to the Denver Nuggets taking part in five post-season fixtures. Basketball was followed by Baseball and Hockey in the most popular sports to bet on in Colorado during April.
“Sportsbooks tend to shift their focus during the warmer months,” PlayUSA.com analyst Eric Ramsey said. “Parlay betting on sports like baseball and golf won’t drive football-like volume, but those wagers can be enormously profitable for sportsbooks.
“And sportsbooks tend to get creative in finding ways to keep bettors engaged.”
