Sports
Sports betting total sees 22% slump in April
The total amount wagered on sports bets in Colorado for April is down over 22% from the prior month, according to state data.
The handle (total amount wagered) last month was $392 million compared to $505.6 million in March, data from the Colorado Department of Revenue released on Thursday said.
But the decrease in April was expected, according to sports betting analysts.
“Without football or the opening rounds of the NCAA Tournament, a slowdown is always inevitable in April,” said Ken Pomponio, an analyst for PlayColorado.com. “More importantly, the state’s industry continues to post strong year-over-year gains despite concerns in the greater economy.”
The state’s total wagers are nearing $7 billion since sports betting was legalized in Colorado in May 2020, CDOR’s Division of Gaming said in a news release.
“That said, the constant growth that the industry has enjoyed over the last two years is facing a threat for the first time since the earliest days of Colorado’s market,” Pomponio added.
Professional basketball brought in the most wagers for April with $146.4 million, followed by Baseball ($69.9 million) and ice hockey ($26 million).
The state collected over $1.2 million in taxes on the wagers, the division said.
This article was originally posted on Sports betting total sees 22% slump in April
