Colorado’s sports betting industry has announced its figures for April 2024, and while it was the lowest figure since September last year, the $510m in wagers represent the 8th successive month the state has posted figures above the half-a-billion dollar mark. As usual, the vast majority of the bets were taken online, with just $2.5 million coming from physical retail sportsbooks.

The state legalized online sports betting in January 2020. Currently, 20 sportsbooks operate within the state, although the law does allow for the provision of up to 30 licenses, so there is room for further growth. Online casinos can’t yet be licensed in the state, but many of the best Bitcoin casinos in 2024 offer players the option to gamble with anonymity and privacy, as they are licensed elsewhere. Valuewalk’s Michael Graw shares these sites usually offer games like slots, blackjack, and roulette. Having seen the success of online sports betting, however, the state may decide to legalize iGaming in the future.

April’s Sports Betting Handle

This success continued in April, albeit with somewhat muted figures compared to recent months. The state saw a handle of $509.5 in the month of April. This is $83.5 million lower than the previous month but still, $91.5 million improved over the same month last year, and, significantly, it represents the 8th consecutive month in which the handle has surpassed $500 million.

Handle is the total amount wagered by players, but it is adjusted revenues that matter when it comes to taxable values. These losses mean less tax for Colorado.

Sportsbooks saw significant losses in college hoops as favorites South Carolina and Connecticut won their respective tournaments. These favorite victories led to a loss of $680,000 on college basketball games.

However, the bookies fared better when it came to the professional game. NBA results gave rise to a $7.2 million profit in April and was the most widely wagered sport with a third of all bets placed. Baseball was responsible for 16.9% of monthly wagers with tennis coming in behind with 6.4% of April’s wagering total. Somewhat surprisingly, table tennis saw 2.6% of the state’s bets, with soccer only managing slightly more than this with 4.1% of the market.

Taxes

The month’s revenue led to $1.9 million being paid in taxes, which contributes to an annual total of $10.2 million so far this year. A recent report shows that legal online sports betting in the U.S. amounted to nearly $120 billion in 2023, with total gambling taxes adding $14.4 billion in state and federal taxes in the calendar year.

A lot of the taxes raised from sports betting are used to fund water conservation efforts in the state and that figure could be set for a boost in coming months, as bill HB1436 has been signed by Colorado Gov. Jared Polis that would allow additional tax funds to be earmarked for this purpose.

Further Gambling Legalization?

There are some calls for the state’s gambling laws to be further expanded, allowing for legal online casino gambling. There are approximately 40 physical casinos in the state, many of which are open 24 hours a day, but iGaming remains illegal.

The vast majority of the state’s sports betting activity is conducted online and April represented the lowest handle from retail outlets at just $2.4 million. As well as being more convenient, online wagering typically offers access to a greater range of bonuses and boosts that aren’t available offline. It also allows for greater privacy thanks to anonymous casinos and sportsbooks.

While iGaming remains illegal, players have to head out of state to enjoy online casino games or use online casinos, meaning that the state does not benefit from taxation.