Colorado Enjoys Its 4th-Best Sports Betting Month Ever Thanks to March Madness

March Madness played a massive role in the success of many of the best sports betting sites, and Colorado enjoyed a great month as a result.

The Colorado Division of Gaming March reported on Tuesday that March 2024 was its fourth-best month ever in 47 months of operation for Colorado sports betting apps and the state's retail providers.

Revenues for Colorado's best sports betting apps were also fairly impressive. Gross gaming revenues were the sixth-highest ever, despite just an average hold rate for Centennial State providers.

$593 million March handle

The Colorado sports betting scene accepted $593 million in wagers in March. That marked the seventh straight month that the best sportsbooks in Colorado have taken in over a half-billion dollars in a given month.

The $593-million figure represents about a 20% year-over-year sports betting increase from the $494.4 million in bets accepted in March 2023. It is also a 10.5% month-over-month improvement from the $537 million from February.

Sites accessed through Colorado sportsbook promos were responsible for $589.3 million of the March handle total, with retail making up $3.7 million.

$45 million in gross sports betting revenue

Colorado's sites with the best sportsbook promos reported $45 million in revenue in March, the sixth-best monthly profits total for the Centennial State scene. It is the eighth time that Colorado's best live betting sites have combined for over $40 million in revenue in a one-month period.

That $45 million is a whopping month-over-month 74.4% improvement from the $25.8 million reported in February but represents a slightly disappointing 1.9% year-over-year decline from the $45.9 million in profits from March 2023.

Colorado sports betting sites made up about $44.9 million of the total $45 million revenue total in March for state providers.

Adjusted, taxable revenues came in at $31.6 million for March, allowing the state to collect $2.9 million for needy state and local tax coffers.

Year-to-date, Colorado tax coffers have benefitted to the tune of $8.2 million, $1.3 million ahead of the pace set through the first three months of last year.

Basketball predictably provides

The March Madness tournament, combined with the Denver Nuggets' quest for a repeat in the NBA playoffs, kept Colorado sportsbooks afloat in March, to nobody's surprise. Action at the best March Madness betting sites and best NBA betting sites made up nearly 60% of the state's overall sports betting handle, about $299 million.

College basketball alone generated a $36.3 million March handle, while revenues from basketball in March came to $17 million in the Colorado market.

In order, pro basketball, college basketball, and tennis were the top three most wagered on sports in the Centennial State in March.

Parlays produced the biggest chunk of Colorado sports betting revenues during the 31-day betting period. Multi-leg wagers generated $18.8 million in revenues for Colorado's best sportsbooks in March.