The Colorado Department of Revenue is another state that reported its April results on Friday. It has been a common theme in the industry as the operators in the Centennial State witnessed a drop in its handle.
How Bad was the Decline for April
With college basketball no longer in the mix, the overall handle noted a significant drop. Bookmakers combined to register an overall total of $392.3 million for the month, with online sports betting taking over the market.
Even though April’s handle didn’t bring top-notch results, residents across the state have wagered nearly $7 billion since the market launched two years ago. Last month’s handle noted a 22.4 percent decline from March’s $505.6 million.
Still, sports gambling, especially mobile sports betting, is becoming more mainstream in the state as the year-over-over numbers are higher by 60.5 percent, which noted a handle of $244.4 million. The results are inevitable as the market and the industry as a whole transition into the summer months.
Sportsbooks won a solid amount as it showed a gross gaming revenue of 22.6 million. However, it accentuated a decrease of 20.1 percent over the span.
Bettors were able to wager on the Final Four and Championship Game during the first week of the new month. Bettors also rode the Colorado Avalanche, during which college basketball and NHL results favored the players.
In total, promotional credits amounted to just over $11 million, which left barely more than half of the total revenue taxable. The adjusted revenue was slated at just slightly more than $11.5 million, where the state was able to collect $1.5 million in taxes.
What Were the Most Popular Sports to Bet on
The NBA playoffs generated $146.4 million, mostly due to the Denver Nuggets playing the Golden State Warriors in the opening round. Bookmakers were only able to generate $4.4 million in basketball, which was under the three percent hold rate for the sixth straight month for the basketball category.
Baseball came in second place with a total handle of $69.9 million. Hockey secured the fourth position with a handle of $26 million, which used a weak hold percentage of 0.8 percent.
The next sports that followed were tennis, soccer, and golf.
The category that held up the hold rate was the parlays. Bettors across the state wagered $73.4 million. Operators held a strong rate of 14.1 percent, which translated to approximately $10.9 million in revenue.
The Summer Months Will Bring Down the Average Betting Volume
Colorado has become a prominent and key contributor to the sports betting industry. Since the PASPA was overturned, Colorado has the sixth-highest overall handle. The NBA and NHL seasons are slowly coming to an end. Baseball is expected to be the main sports bettors will place wagers on.
Sportsbook operators will continue to accept wagers heading into the summer months, but experts believe the average betting volume will pick back up when the NFL season begins.