In a remarkable display of growth, Colorado’s sports betting market witnessed a substantial surge in September, with a total handle reaching an impressive $512.8 million. This marked a noteworthy 14% increase compared to the same period last year and a remarkable 67% surge from August 2023, underscoring the thriving sports betting landscape in the state.
Key Metrics:
Total Handle: The total sports betting handle in Colorado soared to $512.8 million, showcasing a robust 14% year-on-year increase and an impressive 67% surge from the preceding month.
Online vs. Retail Betting: Players demonstrated a clear preference for online platforms, contributing $507.9 million to the total handle, while retail sportsbooks accounted for $4.9 million.
Gross Gaming Revenue: Despite a dip from the previous year, the gross gaming revenue reached $45.3 million, representing the second-highest monthly total for the year. The win percentage stood at 8.8%, reflecting the dynamic nature of the market.
Popular Sports for Betting:
NFL Dominance: NFL football emerged as the most popular sport for betting, with players wagering a substantial $157.4 million, constituting 30% of the total bets placed.
Baseball and NCAA Football: Baseball secured the second position, with players betting $78.2 million, while NCAA football followed closely with a $69.5 million handle.
Parlay Wagers: Parlay wagers attracted significant attention, with players investing $99.3 million in this category, highlighting the diverse betting preferences among Colorado’s sports enthusiasts.
Comparative Analysis:
While the gross gaming revenue of $45.3 million in September 2023 was slightly lower than the $51.3 million generated in September 2022, the overall growth in the sports betting handle reflects a vibrant and expanding market.
Colorado’s sports betting market continues its upward trajectory, with a substantial increase in the total handle, robust online participation, and a diverse range of popular sports for betting. The surge in September, both in comparison to the previous year and the preceding month, underscores the state’s position as a thriving hub for sports wagering. As the market dynamics evolve, Colorado remains a key player in the ever-expanding landscape of sports betting in the United States.