In the latest sports betting news, the latest sports wagering report for Colorado is in, and it looks like betting activity is decreasing.
When it comes to sports betting, the handle depends on the sports calendar- so during months will less sports events, we can expect the betting handle to decrease. These betting resources can help you learn more about it.
This seems to be the case in Colorado, as the latest report from the Colorado Division of Gaming states that the handle has gone down from March. April’s total monthly sports betting handle is at $509.5 million, 14% lower than that of March’s handle.
Despite the month-on-month decrease in handle, the market is still performing well as April’s handle is 21.95% higher than that of April 2023. With a generous bump in handle from last year, the industry is still growing. If you want to check your sportsbook’s numbers, use a pay per head service to gain access to a good bookie management software. They will have features that will help you generate your sportsbook’s reports.
Sports Betting Numbers in Colorado
Out of the $509.5 handle, $507.1 million of the wagers come from online sportsbooks. If you are wondering how do bookies make money, low overhead is one reason, but the market share of online sportsbooks is quite large. So there is a lot of potential to earn.
For online sportsbooks, gross revenue is at $32.2 million, with a 6.35% hold percentage. The hold is a bit lower than we would want, but still a decent percentage. Meanwhile, retail sportsbooks are at a loss for this period, losing $160,166.41 with a -6.77% hold.
What Sports Were Popular?
With online sports betting and a good pay per head software, people can bet on any sport from around the world. However for Colorado in April, basketball was the dominant sport that people bet on. The handle for basketball in the state was a whopping $169.6 million. Baseball is the next popular sport at $85.9 million. Tennis is a surprising third, with $32.5 million.
Ice hockey is also popular, getting $26.3 million in wagers. Meanwhile, soccer has $21 million in handle, and table tennis gets $13 million in wagers. Other sports are not as popular, but still able to generate millions in wagers. For instance, golf is an underrated sport in betting, but for April, residents bet on the sport with $11.7 million in wagers. College basketball was at the tail end of the season with the March Madness Final Four games, but still generated $8.5 million in wagers. MMA is another niche sport but generated $5.1 million. Interestingly, even though the NFL is still on a break, the league generated $2.3 million in wagers.
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