The state of Colorado has seen a significant increase in sports betting revenue for the month of March, with a staggering 146.8% increase compared to the same month last year. This is a clear indication that the sports betting industry in Colorado is thriving, despite the challenges posed by the COVID-19 pandemic.
The Colorado Division of Gaming released the figures for March, which showed that the total sports betting handle for the month was $301.0 million, up from $131.3 million in March 2020. This represents a 129.7% increase in handle year-over-year. The total gross gaming revenue for March was $21.0 million, up from $5.4 million in March 2020, representing a 288.9% increase.
The increase in sports betting revenue can be attributed to several factors. Firstly, the legalization of sports betting in Colorado in May 2020 has opened up a new market for sports bettors in the state. This has led to an increase in the number of sportsbooks operating in Colorado, providing more options for bettors.
Secondly, the COVID-19 pandemic has led to an increase in online sports betting, as bettors are unable to visit physical sportsbooks due to social distancing measures. This has led to an increase in online sports betting revenue, as bettors are able to place bets from the comfort of their own homes.
Finally, the increase in sports betting revenue can also be attributed to the popularity of sports betting in general. With the rise of daily fantasy sports and the legalization of sports betting in several states across the US, more and more people are becoming interested in sports betting.
The future of sports betting in Colorado looks bright, with the industry expected to continue to grow in the coming years. As more states legalize sports betting and more sportsbooks enter the market, there will be even more opportunities for bettors to place bets and for the industry to thrive.
In conclusion, the increase in sports betting revenue in Colorado for the month of March is a clear indication that the sports betting industry in the state is thriving. With the legalization of sports betting, the rise of online sports betting, and the popularity of sports betting in general, the future of the industry looks bright. As more states legalize sports betting and more sportsbooks enter the market, we can expect to see even more growth in the industry in the coming years.
