In September, Colorado’s sports betting market experienced a remarkable surge, reaching a total handle of $403.8 million, up by an impressive 55% from August’s figure of $290.1 million. The state Division of Gaming reported that this surge was also accompanied by a notable year-on-year increase of 10%. Football emerged as the most popular sport, accounting for 32.4% of the total handle, followed by baseball at 18.5% and college football at 11.7%.
Online Operators Lead the Charge:
Colorado’s 24 online operators played a pivotal role in the market’s surge, witnessing an 11% year-on-year increase in their handle, soaring to $445.6 million. This surge signifies the growing preference of bettors for online platforms, providing convenience and accessibility to place their wagers.
Retail Sportsbooks Experience a Dip:
Despite the overall market growth, the 14 retail sportsbooks in the state encountered an 18% decrease in their handle. This decline could be attributed to the increasing popularity of online platforms, which offer a wider range of betting options and more attractive bonuses.
Record-Breaking Hold Percentage:
One of the highlights of September’s performance was the record-breaking hold percentage of 11.4%, a significant increase from August’s 8.9%. The hold percentage represents the portion of wagers retained by the operators after payouts, indicating a highly profitable month for betting sites.
Impressive Revenue and Tax Contribution:
The surge in betting activity translated into a gross gaming revenue of $51.3 million. The operators’ revenue taxes also experienced a substantial boost, reaching nearly $3 million, a substantial rise from the same period in the previous year when it was merely $483,048. This surge in tax revenue highlights the positive impact of sports betting on the state’s finances.
Football Dominates the Betting Scene:
Thanks to the NFL season, football emerged as the undisputed champion of betting in September. With 32.4% of the total handle, football captured the attention and wagers of enthusiasts across the state. Baseball and college football followed behind at 18.5% and 11.7%, respectively.
Colorado’s sports betting industry witnessed an extraordinary performance in September, with a 55% surge in the total handle compared to the previous month. The dominance of online operators, record-breaking hold percentage, and the NFL’s influence on football betting all played significant roles in the market’s success. The substantial revenue and tax contributions from the betting industry reflect its positive impact on the state’s economy. As sports betting continues to evolve, it is clear that Colorado is positioning itself as a thriving market for both operators and bettors alike.