(The Center Square) – Sports betting wagers rebounded in March with more than $300 million wagered, up from $266.5 million the prior month, according to Colorado’s revenue office.
March’s wagers mark a 12.9% increase from February, which saw an 18.5% slump from $326 million in wagers during January.
The state collected more than $1 million in taxes on March’s wagers, and over $5.5 million total since Colorado legalized sports betting on May 1 last year.
The $300 million in retail and online wagers also put the state at $2 billion in total wagers since last May, the Colorado Department of Revenue’s Division of Gaming said. The state surpassed $1 billion total wagers in December.
“These large totals posted month-over-month show us that Coloradans are embracing this new form of entertainment,” Division of Gaming Director Dan Hartman said in a statement. “We look forward to what will emerge in the market moving forward, as more and more sporting leagues resume a regular schedule of play and what that will translate into returns for Coloradans.”
The sports with the highest wagers in March were basketball ($106.9 million), NCAA basketball ($70.9 million), ice hockey ($13.7 million), and tennis ($10.8 million).
Industry analysts at PlayColorado attributed the month’s success to the NCAA’s March Madness tournament.
“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,” PlayColorado analyst Ian St. Clair said in a statement. “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.”