The Centennial State witnessed a dramatic spike in sports wagering income during March, exhibiting a remarkable 103% surge in contrast to February’s numbers. This impressive leap was driven by the fervor surrounding March Madness, the NCAA basketball championship, a period renowned for attracting substantial betting activity.
This considerable expansion was apparent in the overall amount wagered, reaching an aggregate of $459 million. The predominant portion of this income originated from digital channels, with a remarkable $457 million generated through online platforms. Although brick-and-mortar establishments contributed notably less by comparison, they nonetheless observed commendable growth, particularly casinos in Black Hawk and Cripple Creek, which encountered a considerable revenue boost relative to the preceding month.
Basketball dominated as the preferred sport among Colorado bettors, representing a significant 58% of total wagers. Unsurprisingly, NCAA basketball played a pivotal role in this trend, its widespread appeal evident in the 38% upswing in betting handle compared to February. Trailing basketball, ice hockey and tennis shared the second position in terms of wagering engagement.
In summary, March proved to be an exceptionally prosperous month for sports betting in Colorado, yielding $35.4 million in net revenue, a substantial portion of which will be allocated to state tax coffers.
The Centennial State recently made significant strides in championing safe gaming practices by allocating its inaugural grant specifically earmarked for this critical matter.