Colorado Reports over $240M in Sports Betting Handle for April 2021
Colorado experienced a down month in April following the conclusion of March Madness. However, this did not come as a surprise for the industry in the state.
This has been a standard narrative since sports betting was legalized in the United States. The drop-off is disappointing, but it’s the natural course for the industry. Colorado experienced a significant drop-off of 18.3% in handle from March to April.
The April Sports Betting Handle
The April sports betting handle in Colorado totaled $244.4 million. This number was down 18.3% from the $300.1 million mark in March, thanks to the NCAA Tournament.
The Colorado Division of Gaming released the numbers on Tuesday. It’s the second month in state history that the handle dropped from month to month since sports betting was legalized.
April was the one-year mark in CO sports betting. When the entire year is examined, the state performed exceptionally well. Colorado established itself as a significant competitor in the national market. The whole handle for the first year of legal wagering was $2.3 million.
The smaller handle also caused revenue to drop in the state. However, it did shrink less than the handle’s month-to-month percentage. The revenue in April was $17.6 million, which was down $2.8 million from March.
The Colorado Department of Revenue reported the monthly hold was 7.19%, which was up from the 6.77% claim in March. In February, the hold was only 3.92%, so this is a significant increase from two months ago.
The smaller revenue caused the taxes to be higher in April. CO took $1.1 million versus $1.06 million in March.
Mobile Sports Betting Reigns Supreme
States who have mobile sports betting consistently outperform the areas that only have retail wagering. Colorado’s mobile side of wagering has dominated retail gambling. The mobile handle declined, but it still totaled $241.9 million.
The March mobile handle was $295.2 million in March, 18.1% higher than the April total. April was the second straight month where mobile betting amounted to at least 98% of the total handle.
NBA Basketball Dominates the Month
Without the NBA, CO sports betting would not be dominant in the national market. Basketball was the most wagered sport in April. The total handle for the NBA was $84.3 million, and college basketball accounted for $6.8 million.
The Finals Four and National Championship occurred in April. Even though basketball dominated, the NBA had its worst month in CO since February. In February, the NBA handle was $95 million, and in March, the total was $106.9 million.
Major League Baseball was the second most wagered league on the sportsbook. MLB had a handle of $48.3 million, followed by the NHL at $10.6 million.
Table tennis and soccer rounded out the final two top spots. Additionally, parlays were popular, with $42.9 million going towards these wagers.
New Jersey, Pennsylvania, Michigan, Iowa, and Indiana also had down months in April. These four states are major sports betting markets like CO. Indiana and Iowa had worse declines than Colorado. Each state’s month-to-month handle dropped over 25%.
