The March sports betting numbers from the state of Colorado are in, and sportsbooks were able to cash in on the big upsets during March Madness. Sportsbooks in the state actually suffered a net loss during the month of February, but the response was impressive in March.
The Colorado Department of Revenue announced that the gross gaming revenue came in at $45.9 million in March, and that’s a total from both online and retail sportsbooks. The hold rate during the month of March was nearly 10%, and that is well above the national average of right around 8%.
Basketball was easily the most popular sport to wager on during March as the total handle on that sport was right around $192 million. The total sports betting handle for the month was $494 million, which was actually a slight drop from the March 2022 numbers.
While sportsbooks were able to cash in, that was also true for the state of Colorado. The $3.1 million in tax revenue that was collected was an increase of 146.8% from the month of February.
Soccer was actually the second-most popular sport to wager on during March, while baseball and golf also cracked the top-four. Without basketball in April, baseball is expected to lead the way for both handle and revenue.
Regulators Looking to Protect Athletes
The Colorado Department of Revenue has announced plans to launch the Colorado Athlete Wellbeing Program, and funds are starting to roll in. Over $200,000 in grant funding has been set aside, and this program will help protect college athletes in the state of Colorado.
Betting on college sports is legal in the state of Colorado, and that has created some issues for the athletes. College athletes are much more accessible to betters than the pros are, and those athletes are then subject to some verbal abuse.
Kindbridge Research Institute is partnering with Sportradar to create this program, and it will work with more than 20 collegiate athletic teams throughout the state. There will also be an app available for other athletes to reach out in order to get some assistance.
There were a couple of instances of this type of verbal abuse seen during the NCAA Men’s Basketball Tournament, and it was easy to spot online. Other states are trying to crack down on wagering of college sporting events, but that type of wagering provides some big numbers in the state of Colorado.
A New Retail Sportsbook Coming?
The Office of Economic Development and International Trade in Colorado is trying to convince an online sportsbook operator to build a new headquarters in the state. While the office has not yet announced which online operator it is targeting, most people believe that it is Bet365.
According to reports, the Office of Economic Development and International Trade is willing to provide close to $14 million in tax credits if the headquarters is built in the state. The trade-off would be that it could create more than 800 new jobs to residents of the state.
The official name of this potential development is called “Project Forge,” and residents can find a detailed plan on the state website. It has also been announced that this mystery company could be looking at Arizona or Tennessee.
Bringing this company to the state would not only have massive economic benefits, but it would boost the overall sports betting numbers. Bet365 is one of the biggest names in online sports betting, and Colorado could provide a great place for a new headquarters.