Colorado sports betting: April sees another $500M+ handle
05 June 2024 - 17:53In April, Colorado continued its streak with over $500 million in sports betting, marking the eighth consecutive month at this level. The state recorded a total of $509.5 million in bets, showing steady engagement in the sports betting market. However, there was a slight dip of 8.9 percent in gross sports betting revenue compared to the previous year.
Mobile apps dominated the wagering landscape, accounting for $507.1 million of the total handle. Operators retained 6.4 percent of this amount, resulting in $32.2 million in revenue. In contrast, retail sportsbooks handled $14.1 million in bets but generated only $51,000 in revenue, with a hold of less than 0.4 percent. Colorado collected $1.9 million in taxes from these activities.
As Colorado concludes its fourth year of legalized sports betting, it joins other leading states like New Jersey, New York, Nevada, Illinois, and Pennsylvania in exceeding a cumulative handle of $18 billion. Year-to-date figures reveal an 18.7 percent increase in wagering compared to the same period last year, reflecting sustained growth in the industry. Tax revenues for the year are also up, totaling $664,400 more than the previous year at this point.