Basketball provides boost to CO Sports Betting
The Colorado sports betting industry had a big month of March, and it was the sport of basketball that helped lead the charge.
The total sports betting handle for the month was $301 million, which was a jump of nearly 13 percent from a disappointing February.
Even though basketball was a popular sport to bet on in March, the state was still not able to set a new sports betting handle record. January 2021 is the biggest month on record as sportsbooks reported $326.9 in total handle for that month.
With the impressive sports betting handle for March, the state has gone over the $2 billion mark since the industry launched in May 2020. The state could potentially go over the $3 billion mark in July if the current trends continue.
Even though retail sportsbooks are back open after being closed due to COVID-19, it is the mobile handle that leads the way. CO Mobile betting made up 98% of all bets placed during the month and accounted for $295.2 million of the total.
Retail sportsbooks are expected to continue to bounce back in the coming months, which could help push the state to new heights. The retail sportsbooks are all located in remote towns in the Rocky Mountains, which makes it difficult for bettors to get to. Colorado casinos are now open following closure due to the pandemic, which has affected much of the casino industry across the country.
The gross gaming revenue for March actually saw a much more impressive growth than the total sports betting handle. GGR for March was $20.4 million after it was just $10.4 million in February.
Professional basketball brought in $106.9 million in wagers during March, which was a jump of nearly 13 percent from February. College basketball was the second-largest betting market for March, bringing in $71 million in wagers.
Surprisingly, table tennis dropped out of the top five in terms of betting markets after being a part of this group since last May. Parlay betting continues to be one of the top betting options, accounting for $55.8 million in wagers.
Another New Sportsbook Live
The growth of the Colorado sports betting industry is not stopping anytime soon, and a new operator recently went live. TwinSpires is now available for download in the state, and it launched just in time.
TwinSpires is the re-branded sports betting option of Churchill Downs Inc., and it launched just in time for the Kentucky Derby. The Kentucky Derby is the first leg of the Triple Crown in horse racing and is always a huge betting market.
The Colorado Limited Gaming Control Commission has been busy approving new operators since the launch last May, and there are now close to 40 options in the Centennial State. Colorado sports bettors have access to 20 online sportsbooks and 17 retail sports betting locations.
Sports betting is likely to slow down a bit over the next few months until football begins. There could be at least 10 new sports betting options available by the start of the next football season as license applications continue to be submitted. ZenSports is still in the running to launch in CO, with hopes their P2P sports betting platform will go live.
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