According to the latest monthly revenue report from the Colorado Division of Gaming, the state’s licensed sports betting operators reported accepting $494.4 million in wagers during the month of March.
The latest figures represent a drop of 2.2% on the $505.6 million wagered in March 2022, but a jump of 16.3% compared to the previous month.
Sportsbooks reported that basketball attracted the most wagers with local sports fans wagering $193 million on the sport throughout March. Meanwhile NCAA basketball attracted just over $94.3 million. Basketball was followed by ice hockey and tennis as each sport attracted just over $25 million in wagers.
The Colorado Department of Revenue reported that gross gaming revenue (GGR) from sports betting for the month of March was approximately $45.9 million, a year-on-year increase of 62.7%. This gave sportsbooks a combined win percentage of 9.29%. Total net sports betting proceeds amounted to $35.4 million.
As a result, sportsbooks paid $3.1 million in taxes to the state, a 146.79% increase from the previous month. This brings the total amount of taxes collected from sports wagering in 2023 to $20.3 million. This marks a 119.18% increase on the taxes collected in the same period for 2022.
Image credit: Kamal Hamid / CC BY-ND 2.0
Gambling industry analyst with over a decade of experience working with some of the biggest names in the sports-betting, gambling, poker & casino industry.
