{"id":1582995,"date":"2024-06-03T08:54:46","date_gmt":"2024-06-03T12:54:46","guid":{"rendered":"https:\/\/sports7.us\/?p=1582995"},"modified":"2024-06-03T08:54:46","modified_gmt":"2024-06-03T12:54:46","slug":"for-eight-months-in-a-row-colorado-has-recorded-over-500-million-in-their-betting-handle","status":"publish","type":"post","link":"https:\/\/sports7.us\/news\/for-eight-months-in-a-row-colorado-has-recorded-over-500-million-in-their-betting-handle\/","title":{"rendered":"For eight months in a row, Colorado has recorded over $500 million in their betting handle"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Colorado Department of Revenue reported $509.5 million in a sports betting handle in April. That\u2019s the eighth straight month that the state has wagered over half a million dollars. Colorado just finished their fourth year of being a legal commercial wagering state. On top of their monthly betting handle, Colorado has surpassed $18 billion in their all-time handle. The five other states to do that were New York, New Jersey, Pennsylvania, Illinois, and Nevada. In the first four months of 2024, the Centennial State wagered $2.24 billion. A whopping 18.7% versus this time in 2023. The state\u2019s betting market continues to grow and become more popular.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Colorado\u2019s sports betting revenue in April 2024 was $32 million. Down 8.9% from April 2023. Revenue was also down in March. A staggering 28.9% difference year-to-year. Wagering from all sports betting apps in Colorado totaled $507.1 million. Operators had a 6.4% hold and kept $32 million in profit. For the second time in 2024, retail sportsbooks in Colorado posted a loss. In April, the state was eligible to tax $19.3 million in adjusted gross revenue. Roughly $1.9 million in tax receipts came from mobile sportsbook operators.\u00a0<\/span><\/p>\n<h2><b>Why was betting in Colorado so popular in April 2024?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">With the men\u2019s UConn Huskies and women\u2019s South Carolina Gamecocks winning their respective NCAA tournaments, Colorado took a hit in April 2024. The public wasn\u2019t afraid to ride both teams throughout the NCAA tournament where they were extremely profitable. Colorado\u2019s year-over-year handle from April 2024 to April 2024 was up 50.7% to $8.5 million. They paid out $680,300 above that $8.5 million to winning bettors. When UConn men\u2019s basketball and LSU women\u2019s basketball won in 2023, Colorado operators took an even larger hit. Paying out close to $1.2 million in winning tickets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In Colorado\u2019s \u201ccatch-all\u201d category, bettors collected $1.3 million more than $28.6 wagered. For the centennial state, it was their first loss in this category since June 2022. One-third of Colorado\u2019s betting handle came from professional basketball. The $169.6 million is an increase of 24.1% year-over-year. Professional baseball was second for a sports-specific betting handle in April 2024. Operating revenue declined from 6.9% to 5.7% despite $85.8 million in wagers. The largest source of revenue in April 2024 was paralys and same-game parlays. They had $16.1 million in revenue from $105.1 million worth of multi-leg bets. Additionally, the Masters helped bring in $11.7 million in their total golf handle. An all-time high for Colorado. <\/span><\/p>\n<p> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Colorado Department of Revenue reported $509.5 million in a sports betting handle in April. That\u2019s the eighth straight month that the state has wagered over half a million dollars. Colorado just finished their fourth year of being a legal commercial wagering state. On top of their monthly betting handle, Colorado has surpassed $18 billion [&hellip;]<\/p>\n","protected":false},"author":304,"featured_media":1582999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[447316],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Colorado&#039;s betting handle was over $500 million in April 2024<\/title>\n<meta name=\"description\" content=\"Colorado\u2019s sports betting handle continues to grow as they\u2019ve hit $500 million in a monthly betting handle for eight straight months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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