Sports Betting Revenue in Colorado Jumps in March
In the latest sports betting and pay per head blog, we’ll take a look at the numbers in sports betting in Colorado. From the betting handle to the sports betting revenue in Colorado, there are quite a few indicators that tell us just how well the local betting market is performing. And according to the latest report of the Colorado Department of Revenue, most indicators have increased.
In the sportsbook pay per head industry, the handle, revenue, and hold percentage are the most important details you need to know. Your bookie software will help you get the numbers, so it will be easy for you to analyze your sportsbook’s status. And for sportsbooks in Colorado, the combined total sports betting handle for March is $494.4 million. This gives us a 16% jump from February’s $425.1 million.
Sports Betting Revenue in Colorado: Twice the Fun
If you check with your sports betting software provider, you will see that March Madness always delivers when it comes to giving a boost to sports betting. Basketball was king in March, with NBA bets taking up 26% of the handle. But college basketball was the top sports league, with 43% of retail wagers going to NCAA basketball bets.
Retail sportsbooks saw 28% more bets, while online sportsbooks saw a 16% increase in betting activity. For retail sportsbooks, the hold is at 3.7%, more than twice than February’s 1.4%. And online sportsbooks saw a jump from February’s 5.3% to March’s 9.3%.
And when you have a higher betting handle and a higher hold percentage, this translates to better revenue. After releasing payouts, sportsbooks in CColorado saw $45.9 million in gross revenue. This is double the amount of February’s $22.6 million.
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