According to the latest monthly revenue report from the Colorado Division of Gaming, the state’s licensed sports betting operators reported accepting $392.3 million in wagers during the month of April.
Wagers for the month up 60% year-on-year
The latest figures represent a drop of 22% on the $505.6 million wagered in March but a jump of 60% compared to the same period in 2021.
Sportsbooks reported that the NBA attracted the most wagers with Coloradans wagering $146.4 million on the NBA playoffs and finals. This was a drop of 35% on the previous month when basketball fans wagered $218.3 million. Basketball was followed by baseball as the MLB saw wagers of $69.9 million while ice hockey attracted just $26 million in bets. Soccer was the next most popular sport as local football fans wagered $15.6 million on the sport while golf wagers amounted to $10.4 million.
The Colorado Department of Revenue reported that gross gaming revenue (GGR) from sports betting for the month of April was approximately $22.6 million. This gave sportsbooks a combined win percentage of 5.75%. Total net sports betting proceeds amounted to $11.5 million.
As a result, sportsbooks paid $1.2 million in taxes to the state. This brings the total amount of taxes collected from sports wagering in 2022 to $10.5 million. This marks a 67% increase on the taxes collected in the same period for 2021.
Total wagers for the state since Colorado sports betting launched in May 2020 is now nearing $7 billion.
Image credit: Kamal Hamid / CC BY-ND 2.0
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.