April Sports Betting Numbers are In
The Colorado Division of Gaming has finally announced the April sports betting numbers, even though some of these figures were teased earlier this month.
The total sports betting handle was $244.4 million, a decrease of 18% from the month of March.
Colorado benefitted from the NCAA Tournament in March, as bettors flocked to CO online sportsbooks to place bets on March Madness. Even though a drop was expected, this is just the second time that the total handle has dropped month to month.
Once again, mobile sports betting accounted for 99% of the total handle, and that is the second straight month that mobile betting has been at least 98 percent. The online sports betting handle was $241.9 million, a drop of 18.1 percent from March.
The gross gaming revenue from Colorado sportsbooks in April was $17.6 million after it was $20.4 million. Colorado is expected to post smaller handle and revenue numbers for the next few months until football picks back up again this fall.
There was one area of growth in sports betting in April, and that was tax revenue. Sportsbooks paid the state $1.1 million last month, after that total was just $1.06 million in March.
Basketball was once again the most popular betting market in the state of Colorado, and that is a trend that has been established for months. NBA basketball had a total sports betting handle of $84.3 million to easily lead the way.
There were just three college basketball games in the month of April, but that sport still posted a total handle of $6.8 million. Basketball will continue to lead the way until the NBA Playoffs wrap up in July.
Major League Baseball is starting to emerge as a popular betting market in the US, and it gave the state a boost in April. Baseball had a total handle of $48.3 million, and that total should remain steady throughout the regular season.
Parlay wagers made up nearly $43 million of the total handle, and that was a significant drop from previous months as well. Table tennis had a handle of $9 million, and it remains one of the top-five betting markets in the state.
Other States Saw Similar Decline
The numbers from Colorado were not surprising, and they followed a trend set by other top markets in the United States. New Jersey was still the biggest market in April, but the total sports betting handle was just $748 million.
Pennsylvania is another big market, but the total sports betting handle for that state was just $479.4 million in April. Both New Jersey and Pennsylvania saw a decline of at least 13 percent from a big month of March.
The Midwest portion of the United States saw even bigger declines for the month of April as both Michigan and Indiana had drops of at least 25 percent. Michigan posted a total sports betting handle of $274.2 million in April, and that state has passed up Colorado since launching online betting in January.
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