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.
Join Us for an Unforgettable Gaming Experience in Brazil
Prepare for an electrifying journey as Expanse Studios makes waves at SiGMA Americas in Sao Paulo, Brazil, from April 23 to 25. This highly anticipated event in the Americas gaming industry promises an experience brimming with excitement, innovation and networking opportunities. We’re gearing up to showcase our latest creations, unveil ground-breaking innovations and connect with industry leaders, influencers and enthusiasts from across the globe.
Booth H10: The Hub of Innovation
Step into the heart of gaming excellence at booth H10 where Expanse Studios will unveil its latest offerings and showcase the future of gaming. Explore our newest releases including the adrenaline-pumping Super Heli and the icy-cool 100 Super Icy and discover the next generation of gaming innovation.
Connect with Industry Leaders
SiGMA Americas is a gathering of industry leaders, innovators and visionaries shaping the future of gaming. Join us in Sao Paulo as we connect with like-minded professionals, forge new partnerships and explore exciting opportunities for collaboration. Whether you’re a seasoned industry veteran or a newcomer looking to make your mark, SiGMA Americas offers the perfect platform to network, learn and grow.
Experience the Future of Gaming
At Expanse Studios, we’re dedicated to pushing the boundaries of gaming innovation and delivering unparalleled entertainment experiences worldwide. Our participation at SiGMA Americas underscores our commitment to excellence and our passion for gaming. Join us in Sao Paulo as we showcase our latest offerings, share our vision for the future of gaming and celebrate the vibrant and dynamic gaming community.
Latest News
Salsa Technology is Primed to Showcase its Localised Latin America Solutions at BIS SiGMA Americas
Salsa Technology is pleased to reveal that it will showcase its localised Latin America solutions at the significant BIS SiGMA Americas. The iGaming event is being held at the Transamerica Expo in Sao Paulo, Brazil, from April 23 to 24.
Exhibiting at BIS SiGMA Americas gives Salsa Technology the prime opportunity to promote its cutting-edge technology and highly-flexible solutions created specifically to meet the needs of local markets. Salsa Technology’s expert team will be stationed at stand M51 where it will be available to talk in-depth about its suite of products and solutions. The GLI-certified PAM, Salsa Omni, is already live in the Brazilian regulated market, providing comprehensive solutions including secure migration for peace of mind. Salsa Technology’s recent collaboration and seamless launch with NossaBet is testament to this promise.
Additionally, Salsa Gator is leading the way in the provision of casino gaming in the regulated Brazilian market, working to comply with the specific requirements laid out by state regulators.
The founder of Salsa Technology, Peter Nolte, will be joined by the star Salsa Technology team, which features Eliane Nunes as Head of Marketing and Sales, Otavio Miranda as Business Development Manager, Leticia Nostrane as Key Account Manager, Fernanda Carpinelli as Account Manager, Cathiussa Canez as Operations and Support Manager, Lilian Carmona as Marketing Manager and Flavia Izidoro as Content Analyst. At the event, Salsa Technology’s signature Senhor do Bomfim wish ribbons will be available, the model dressed as a ‘baiana’ and the artisanal cachaca.
“We’re very happy to once again participate in this event in Brazil where we call home,” Nunes said. “As ever, we cannot wait to share more about our solutions and the positive impacts the tech and localised know-how will have for those wishing to make a success of the regulated Brazilian and other Latin America markets.”
During the event, the industry will get to know the winners of both SiGMA Awards, where Salsa Technology was shortlisted in the category of Best Aggregator (Salsa Gator), and BIS Awards, where Salsa Technology is in the running for Best Platform (Salsa Omni), Best Bingo Game (Salsa Bingo Network) and Executive Woman of the Year (Eliane Nunes).
Internet Vikings, a leading provider of in-state hosting solutions for the iGaming and online sports betting sector, announces that they have achieved VMware Premier Partner status, further enhancing their cloud hosting services in the United States.
On December 11, 2023, Broadcom gave notice of the discontinuation of perpetual licenses and SaaS, shifting towards a subscription-based model for VMware software offerings and introducing improved services for VMware Cloud Foundation and VMware vSphere Foundation. This licensing change will require customers across many sectors, including iGaming and sports betting, to plan for a transition to this new model.
Acknowledging businesses will require support in managing this transition, this status enables Internet Vikings to assist clients through this shift, with a specific focus on implementing efficient strategies tailored to their needs. Internet Vikings, the Swedish based hosting provider is glad to have been selected as a VMware Premier Partner and is well equipped to offer these services to both their European customers and across the U.S. Internet Vikings will also extend a white label solution to partners who don’t have direct access to VCSP licensing options through Broadcom, offering broad-based support and accessibility.
Kristoffer Ottosson, COO at Internet Vikings, states: “VMware’s shift to subscription licensing impacts the digital infrastructure within the iGaming and sports betting industry. As an invited VMware Premier Partner, we’re prepared to help our clients adapt, providing them with access to reliable and scalable solutions.”
“Together with over 16 years experience and the benefits of the Premier Partner Program, Internet Vikings remains a reliable, long-term partner that stays ahead of the licensed U.S. iGaming and sports betting industry changes,” Rickard Vikström, CEO and Founder adds.
Internet Vikings’ dedication goes beyond mitigating the immediate impact of VMware’s licensing changes. This position underscores Internet Vikings’ commitment to providing client-centric solutions meeting customer needs.
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