Colorado sports betting handle for April down by 15.5% month-on-month

The Colorado Division of Gaming has released the monthly sports betting figures for April 2023, revealing that the total amount wagered, also known as the handle, was $417.8 million. This represents a 15.5% decrease from March's handle of $494.4 million. However, it is a 6.5% increase compared to April 2022's handle of $392.3 million.

In terms of taxes collected, the state of Colorado received $2.6 million from sports betting activities in April. This marks a 16.77% decrease from the total taxes collected in March, which amounted to $3.1 million. Nevertheless, it reflects a significant 109.67% increase compared to the taxes collected in April 2022, which totaled $.2 million.

Looking at the fiscal year to date, the total amount of wagers made up to April 2023 reached $4.5 million. This signifies an 8.17% increase compared to the previous year's total wagers at the same time, which amounted to $4.1 million.

In terms of fiscal year-to-date (FYTD) taxes for April, the amount collected reached $22.9 million. This represents a substantial 118.07% increase from the FYTD taxes collected in April 2022, which amounted to $10.5 million.

The Colorado Department of Revenue's report on total sports betting proceeds for April 2023 reveals that retail wagers accounted for $3.4 million while online wagers accounted for $414.4 million, resulting in a total wager intake of $417.8 million. Payments to players in retail amounted to $3.2 million, while online gamblers received $379.5 million, resulting in a total of $382.7 million returned to bettors in April.

Basketball continued to be the most popular sport for wagering, with $136.6 million in bets and accounting for 33% of all sports wagers in April. However, this is a decrease from the previous month, where basketball wagers amounted to $287.3 million and represented 58% of total wagers.

Tennis also saw a decline in April, with bets decreasing from $25 million of total wagers in March to $20 million of total wagers in April.