NBA Action Helps Set Colorado Sports Betting Record for April

Basketball helped set a Colorado sports betting record for April, but the state will likely see the pace slow as the industry enters the summer months.

The Colorado Department of Revenue reported $509.5 million in bets at Colorado sportsbooks. The latest April numbers are up 22% from the same month in 2023. April’s handle (the total wagered by customers) in Colorado has more than doubled since the first full year of sports betting in 2021:

• $244.4 million in 2021
• $392.3 million in 2022
• $417.8 million in 2023
• $509.5 million in 2024

The April 2024 numbers are down 14.1% from March when the NCAA Tournament is an annual gambling powerhouse.

Basketball Holds Court in April 2024

Colorado sports fans backed the Denver Nuggets in more ways than one. Pro basketball wagers accounted for one-third of April’s betting volume. About $169.6 million changed hands.

Parlay betting apps and sportsbooks collected about $105.5 million in wagers for about 20.6% of the market.

The remaining 53.9% of the April handle went to:

• Baseball — About $263.5 million (16.9%)
• Tennis — $32.5 million (6.4%)
• “Other” — $28.6 million (5.6%)
• Hockey — $26.3 million (5.2%)
• Soccer — $21 million (4.1%)
• Table Tennis — $13 million (2.6%)
• Golf — $11.7 million (2.3%)
• NCAA Basketball — $8.5 million (1.7%)
• MMA — $5.1 million (1%)
• US Pro Football — $2.3 million (o.4%)

March Basketball Still Reigned in Colorado

By comparison, a month ago, NCAA basketball bets captured 17.3% of the market through March Madness bets. College and pro basketball combined for 56.5% of the Colorado handle in March 2024.

April 2024 Colorado Sports Betting Favored Bettors

Colorado bettors were more successful versus the house in April. Sports betting operators kept $32 million from gamblers for a 6.29% hold. The April 2024 winning percentage improved from the 7.6% hold in March. The Colorado Department of Revenue collected about $1.91 million in taxes for the month.

For comparison, here are the top months for operators and bettors:

• For Colorado Operators — 11.4% hold in September 2022
• For Colorado Bettors — 2.2% hold in June 2022

Colorado’s budget year runs from July to June. So far, in FY 2024, the state has collected $25.4 million in taxes from sports betting operators, which is 11% ahead of the same pace in 2023.

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