Seasonal pressure, which could slow bookmakers down until the NFL season, brought a drop in sports betting volume to Colorado through April, but analysts suggest the slight decline does not dampen the outlook for the state ready for more growth.
When the state's sports betting ecosystem changed by one, online and retail bookmakers took $ 244. 5 mw in April, down 18. 8 percent from $ 300. 1 mw in March.
Bettors placed 8.1 million $ bets for the day in April, down from $9.7 million per day in March. These bets brought in 17. 6 million in gross gaming revenue down 13. 8 percent from $ 20. 4m in March. Promotional credits of $6.4m come to net sports betting of 10. 5m, bringing in $1.1m in tax revenue.
"There is no real substitute in American sports betting for the popularity of the NFL or the NCAA tournament, "he said Ian St Clair, PlayColorado.com analyst .
"But even with the monthly drop in rates, Colorado is still doing well compared to similarly sized states. Current circumstances are radically different from last year's pandemic-plagued start, and there is reason to believe the state will return to full speed once football returns ".
From the introduction of the industry on May 1, 2020 through April 30, 2021, Colorado bookmakers generated 2.3 billion $ in wagers, $ 147. 4 million in gross gaming revenue, 61. 5 million in net wagering revenue, and $6.6 million in state taxes
adjusted to ensure that the industry works for every stakeholder," she noted Jessica Welman, PlayColorado analyst .
"Still, given the circumstances of its launch, the first year of sports betting in Colorado was successful. "
The drop in betting numbers was to be expected with a lighter sports schedule. Every state with legal sports betting reported a monthly decline in the number of bets in April.
Of the largest U.S. sports betting markets that have already reported data for April, Indiana (- 25. 4 percent), Iowa ( - 26. 7 percent) and Michigan (- 30. 5 percent) all experienced more dramatic month-over-month declines than Colorado, although New Jersey (- 13. percent), Tennessee (- 13. 6 percent) and Pennsylvania (- 14. 4 percent) It performed modestly better.