Press Releases
PlayColorado.com: Sportsbooks reach $300 million in March to become sixth state to reach $2 billion in lifetime betting
March Madness helped Colorado sportsbooks take in more than $300 million in wagers, bouncing back from February’s decline to post the second-highest volume month in the state’s first year of sports betting. The month was enough to push lifetime handle in Colorado past $2 billion, becoming the sixth U.S. state to reach the milestone just 11 months after launching, according to analysts from PlayColorado, which tracks the state’s regulated online gaming and sports betting market.
“With the NCAA Tournament, a return to growth is no surprise, but it is still good to see after a bit of a relatively disappointing month,” said Ian St. Clair, analyst for PlayColorado. “Considering the circumstances Colorado launched under, at a time when major U.S. sports were dormant, the state really has been one the U.S. sports betting industry’s great success stories.”
Colorado’s online and retail sportsbooks accepted $300.1 million in bets in March, according to data released Tuesday by the Colorado Department of Revenue’s Division of Gaming. That was up 12.9% from $266.5 million in bets in February, though short of the record $326.9 million set in January. Bettors placed about $9.7 million bets per day in March, up from $9.5 million in February.
March’s bets led to $20.4 million in gross gaming revenue, nearly doubling the $10.4 million generated in February.
Eleven months after the launch of sports betting, Colorado sportsbooks have now taken in more than $2.1 billion in bets.
But as successful as Colorado’s launch of sports betting has been, the state’s tax revenue continues to lag. March’s bets yielded $10.6 million in net sports betting proceeds, after $9 million in promotional credits whittled down the month’s win. That produced $1.1 million in state taxes for the month, which was well above February’s $175,275.
Since launching, sportsbooks have injected $5.6 million into state coffers. Compare that to Indiana, Colorado’s closest competitor in terms of market size. In March alone, Indiana collected $2.5 million in state taxes on $316.7 million in bets.
“Those promotional credits have been a nagging issue that has really kept the state from realizing its full tax revenue potential,” said Jessica Welman, analyst for PlayColorado.com. “On the optimistic side, it could be just that it takes time to work through those credits from the heavy promotion in the state industry’s early days. But if tax revenue remains lackluster, the issue may need to be fixed.”
With the bulk of the NCAA Tournament in March, which included two Colorado games, college basketball betting jumped to $71 million in bets for the month, which was up from $39.6 million in February. But with the Denver Nuggets surging in March and Nikola Jokic MVP betting drawing significant interest, pro basketball remained the most popular bet with $106.9 million in bets.
The Stanley Cup favorite Colorado Avalanche have helped spike interest in hockey, too, growing to $13.8 million in March from $9.5 million in February, topping tennis ($10.9 million), soccer ($8.9 million) and even table tennis ($8.8 million), a uniquely Colorado favorite.
Of course, Colorado remains among the most unusual betting landscapes in the U.S. Not only does table tennis receive an atypical amount of interest, the summer rodeo season could also help drive some betting interest in the state.
“Most markets are locally driven, so when local teams do well, betting interest rises. But nowhere is that more pronounced than in Colorado,” St. Clair said. “Without a significant population from a neighboring state to draw bets from, Colorado’s market is more locally driven than most. But operators in the state continue to be innovative in the ways that they appeal to Colorado’s bettors.”
For more analysis on regulated sports betting in Colorado, visit PlayColorado.com/revenue.
Aposta Ganha, the fastest growing Brazilian sports betting and casino site in Brazil, has launched its Black Friday promotion with its newest ambassador Luva de Pedreiro, AKA Bricklayer’s Glove.
With over 21 million followers on Instagram, the digital influencer and social media phenomenon will strengthen the brand’s presence in the market and shake up Black Friday with a campaign full of special offers for bettors.
Known for his catchphrase “Receeeeba!” and his irreverent personality, Luva de Pedreiro will be the main face of the campaign, creating a direct connection with the public, football fans and social media enthusiasts. The partnership aims to increase Aposta Ganha’s visibility in the market, attract new bettors and offer an even more dynamic experience.
Aposta Ganha is taking advantage of Black Friday to reinforce its commitment to ethical and transparent operations in the market. The platform complies with the new regulations of the Federal Government and invests in education and awareness initiatives, ensuring a safe experience for its users. Vitor Paulin, Chief Marketing and Growth Officer at Aposta Ganha, said: “Signing an ambassador like Luva de Pedreiro is a huge milestone for Aposta Ganha. His authenticity and connection with the public make him the ideal partner to boost our brand and make the betting experience even more exciting.”
Aposta Ganha’s Black Friday brings unmissable offers for all types of bettors. One highlight is that bettors will receive 10% cashback on the amount lost in the Aviatrix game and daily offers for sports betting. The promotions will be valid from November 21 to 30, with exclusive advantages in selected games each day.
Latest News
MAJOR LEAGUE BASEBALL SELECTS SPORTRADAR TO TRANSFORM PLAYER TALENT SCOUTING FOR ALL 30 CLUBS
Sportradar today announced a multiyear agreement with Major League Baseball (MLB) to offer unparalleled sports performance analysis of amateur baseball prospects, through its Synergy Coaching and Scouting solution, to the league and its 30 Clubs. This new partnership will revolutionize player talent scouting through Sportradar’s advanced, proprietary technology and highlights Sportradar’s commitment to delivering innovative and game-changing solutions to the league.
Under the agreement, MLB and its 30 Clubs will gain access to an unprecedented depth of player analysis and insights with event coverage expanding significantly, from 3,300 to more than 20,000 games – an over 600% increase. This includes college, international, professional partner leagues and leading amateur leagues, such as the MLB Draft League, the Appalachian League and MLB Develops events, and, for the first time, top high school events.
The Synergy Coaching and Scouting solution is uniquely positioned to address the player evaluation needs of MLB as it leverages Sportradar’s expertise ingesting and transforming millions of data points from video into detailed metrics, actionable insights and dynamic visualizations. This, combined with Sportradar’s AI-powered sports performance technology, enables Synergy to provide unparalleled, in-depth analysis of every player, play and game situation, and equips MLB and Club scouts with the information and insights they need to streamline the evaluation process, guide draft decisions and support the development of future MLB players.
“Sportradar’s cutting-edge technology, alongside our reputation as a trusted partner to leading US sports leagues, is driving the transformation of sports performance analysis,” said Eduard Blonk, Chief Commercial Officer, Sportradar. “Through Synergy we are pleased that we are expanding our relationship with MLB, equipping them with the deep data and insights they need to identify the next generation of players. We are eager to continue bringing innovative solutions to MLB.”
“We are excited to expand our relationship with Sportradar and ensure equal access to the Synergy video and data services for all 30 MLB Clubs. This platform has become a key resource for Clubs in the domestic and international scouting process and we look forward to continuing our work with Sportradar in the coming years,” said John D’Angelo, MLB’s Sr. Vice President of Amateur and Medical Operations.
Financial reports
Commercial Gaming Revenue Growth Continues in Q3 2024, Driving Industry’s 15th Consecutive Quarter of Growth
U.S. commercial gaming revenue reached $17.71 billion in Q3 2024, the industry’s highest-grossing Q3 on record, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. This makes Q3 2024 the industry’s 15th consecutive quarter of annual revenue growth, with September marking the 43rd straight month of rising year-over-year commercial gaming revenue.
Through the first nine months of the year, nationwide commercial gaming revenue stands at $53.24 billion, pacing 8.0 percent ahead of 2023 and putting the industry on track for a fourth straight record revenue year.
In Q3 2024, 29 of the 35 commercial gaming jurisdictions operational last year saw increased year-over-year revenue. This growth resulted in an 8.9 percent year-over-year increase in state and local taxes tied directly to gaming revenue, with commercial gaming operators contributing $3.79 billion in taxes across the quarter.
Quarterly revenue from land-based gaming – encompassing casino slots, table games and retail sports betting – totaled $12.56 billion, 0.62 percent lower than Q3 2023. Meanwhile, combined revenue from online sports betting and iGaming totaled $5.14 billion in Q3 2024 as online gaming made up 29.0 percent of commercial gaming revenue, a significantly higher share than in Q3 2023.
Looking at each sector in Q3 2024:
- Traditional Gaming: Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.38 billion, a contraction of 0.9 percent year-over-year.
- Legal Sports Betting: Americans legally wagered $30.3 billion on sports, generating $3.24 billion in quarterly revenue (+42.4% YoY). Recent market launches in Kentucky, Maine, North Carolina and Vermont contributed to this growth.
- iGaming: iGaming generated $2.08 billion in revenue, marking a 30.3 percent year-over-year increase.
“Q3 2024 continued gaming’s momentum from the first half of the year, with online casino and sports betting driving strong growth. At the same time, new brick-and-mortar casino openings bolstered traditional gaming, which still accounts for the bulk of industry revenue,” said AGA Vice President of Research David Forman. “More than a quarter of commercial revenue now regularly comes from online sources, raising the importance of continued sustainable growth with consumers in those states.”
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