According to the latest monthly revenue report from the Colorado Division of Gaming, the state’s licensed sports betting operators reported accepting $417.8 million in wagers during the month of April.
The latest figures represent a drop of 15.5% on the $494.4 million wagered in March, but a jump of 6.5% compared to the same period in 2022.
Sportsbooks reported that basketball attracted the most wagers with local sports fans wagering $136.6 million on the sport throughout April. Basketball was followed by baseball ($88.4 million) and ice hockey ($31 million).
The Colorado Department of Revenue reported that gross gaming revenue (GGR) from sports betting for the month of April was approximately $35.1 million, a year-on-year increase of 55.3%. This gave sportsbooks a combined win percentage of 8.41%. Total net sports betting proceeds amounted to $25.8 million.
As a result, sportsbooks paid $2.5 million in taxes to the state, a 109.7% increase year-on-year. This brings the total amount of taxes collected from sports wagering in 2023 to $22.8 million.
The Department or Revenue also released a full report on the first three years of sports betting in the state revealing that Coloradans have wagered almost $12.1 billion on sports since the industry launched in May 2020. $11.9 billion of that figure has come through the state’s online sportsbooks. GGR for the first three years has amounted to $817 million while the state has collected $43.7 million in taxes since launch.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.