Colorado Sportsbooks Experience Decrease in Handle and Revenue Despite Basketball’s Continued Popularity

The sports betting industry in Colorado has been experiencing a decline in handle and revenue despite the continued popularity of basketball. This trend has been attributed to various factors, including the COVID-19 pandemic, increased competition, and the lack of major sporting events.

According to the Colorado Division of Gaming, the state’s sportsbooks reported a total handle of $266.5 million in March 2021, which is a 2.7% decrease from the previous month. The revenue generated by these sportsbooks also decreased by 12.8% to $20.4 million during the same period.

One of the main reasons for this decline is the ongoing impact of the COVID-19 pandemic. The pandemic has disrupted many aspects of daily life, including the sports industry. Many sporting events were canceled or postponed, leading to a decrease in betting opportunities. Additionally, the pandemic has caused economic uncertainty, which has led to a decrease in consumer spending.

Another factor contributing to the decline in handle and revenue is increased competition. Colorado has seen a significant increase in the number of sportsbooks operating in the state since sports betting was legalized in May 2020. This has led to more options for consumers, but it has also led to increased competition among sportsbooks, which can lead to lower profits.

The lack of major sporting events has also contributed to the decline in handle and revenue. While basketball remains popular among bettors, there have been fewer major events in recent months. This has led to a decrease in overall betting activity and revenue.

Despite these challenges, there are still opportunities for sportsbooks to increase their revenue. One strategy is to focus on niche markets and offer unique betting options that are not available at other sportsbooks. Another strategy is to offer promotions and bonuses to attract new customers and retain existing ones.

In conclusion, the sports betting industry in Colorado is experiencing a decline in handle and revenue despite the continued popularity of basketball. This trend can be attributed to various factors, including the COVID-19 pandemic, increased competition, and the lack of major sporting events. However, there are still opportunities for sportsbooks to increase their revenue by focusing on niche markets and offering unique betting options.