Colorado Sports Betting Revenue Skyrockets in March
The state of Colorado witnessed a dramatic spike in sports wagering income during March, with profits soaring to more than twice the amount earned in February, as revealed by recently published data. The Centennial State brought in a remarkable $45.9 million in March, a considerable 103% leap from the preceding month.
As anticipated, digital betting maintained its dominance, contributing the majority of the revenue at $45.7 million. Physical sportsbooks, although trailing significantly, still experienced notable expansion. Casinos in Black Hawk, as an illustration, saw a 219% surge in earnings compared to February.
The NCAA tournament, commonly known as March Madness, played a pivotal role in driving these numbers. Basketball, propelled by the tournament’s popularity, emerged as the most favored sport for betting, representing 58% of all bets placed. Hockey and tennis followed, each securing approximately 5% of the wagering activity.
This substantial income translates into a significant financial boon for Colorado’s treasury. The state amassed $3.1 million in tax revenue from sports betting in March alone.
Recently, the state of Colorado made significant progress by greenlighting its inaugural grant focused on encouraging safe gambling practices. This financial support will be essential in empowering individuals to make educated decisions and mitigate the possible risks associated with gambling activities.
