According to PlayColorado, the sports betting volume has dropped in heavy numbers in April, when the pressure is particularly high. This drop will slow down sportsbooks until the next football season. However, since sports betting activities in Colorado are completing 1 year, this modest decline won’t dampen the outlook for the 2nd year.
According to the team at PlayColorado, there is no real substitute for NFL and NCAA tournaments in US sports betting. Although there is a decline in wagering, the sports betting industry in Colorado continues to grow. Moreover, the circumstances are quite different from last year’s pandemic, and the state will bounce back once the football season returns.
The Colorado retail and online sportsbook generated $244.5 million in earnings for the month of April, compared to the $300.1 million in bets in March. According to the Colorado Division of Gaming reports, the official tally of the state is relatively less compared to the unaudited data released by the Division of Gaming.
In April, bettors placed $8.1 million of bets per day, a fall from $9.7 million per day in the month of March. These bettings led to the downfall of gross gaming revenue by 13.8 %. Similarly, promotional credits worth $6.4 million pushed sports betting to generate tax revenue of $10.5 million.
Below are the statistics of the total collection generated by Colorado sportsbook on May 1, 2020, through April 30, 2021-
- $2.3 billion through wagering
- $17.4 million through gross gaming
- $6.6 million through state taxes
- $61.5 million through betting proceeds
Analyst for PlayColorado, Jessica Welmand said, the outlying metric is still the state’s take, which is yet to be adjusted, which ensures the industry is still working with its stakeholders.
Since there was a minimal sports schedule in these months, a drop in wagering is quite expected. Every state where sports betting is legal has witnessed a month-long decline in wagering. Indiana, which is the most significant sports betting market, has seen a drop of 25.4%, Michigan -30.5%, New Jersey -13%, and Pennsylvania -14.4%.
Ian St. Clair, Analyst at play Colorado, said that Colorado has a mix of betting interests which helps to flatten the seasonal swings. In case the Nuggets and Avalanche make a deep playoff and the Olympics create interest, Colorado will witness a good betting pick.