Colorado sports betting handle climbs to $211.9m in August

Colorado’s sports betting market reported a month-on-month drop in revenue in August despite taking more bets.

According to the latest figures from the state of Colorado sportsbooks in the state processed $211.9m in bets in August.

Colorado’s handle was up from the $181.3m figure posted for the month of July and up from the $59.2m wagered this time last year.

The majority of bets were processed via online sportsbook with bettors wagering $208.3m via online channels. This compared to a handle of $3.6m coming from land-based casino sportsbooks.

Although handle was up both month-on-month and year-on-year, sports betting revenue was down for the month.

The state’s sportsbooks posted revenue of $15.2m for the month of August, down from the $15.7m generated in July. Although revenue was down month-on-month, revenue was up significantly from the $7.5m generated in August 2020.

What did people bet on?

Baseball was the most popular individual sport in August with sportsbooks taking a total of $69.6m in baseball bets.

Professional football followed in a distant second with $13.6m in bets for the month. Although football was the second-most popular sport in August, football season is now in full swing, and football betting activity is likely to see significant growth in September’s betting report.

Tennis followed close behind football with $13.5m in bets, while soccer took the fourth spot with $11.5m in soccer bets.

Basketball was the only other individual sport to surpass $10m in wagers for the month of August. According to the figures, bettors wagered $10.6m on basketball events last month.

Parlay and combination bets accounted for $61.9m of the state’s total handle in August, while bets on sports in the “other” category accounted for $13.4m of the state’s handle.

Sports betting in Colorado

The state of Colorado launched its legal sports betting market on 1 May 2020 and also marked the first day that operators could launch their online and mobile betting apps.

Now after a year of being operational, Colorado’s betting market is home to some of the biggest names in US sports betting including DraftKings, FanDuel, William Hill, BetMGM, PointsBet, and WynnBet.

Earlier this month, 888 announced the launch of its Sports Illustrated-branded sportsbook product in the US state of Colorado.

The launch of the new SI Sportsbook product was facilitated by a deal between 888 and Authentic Brands Group (ABG).

Under the deal, ABG granted 888 an exclusive license for the use of the Sports Illustrated brand, as well as trademarks, for online sports betting and gambling purposes. The deal also included certain exclusive advertising and editorial integration rights on select Sports Illustrated digital assets.

Meanwhile, ABG will receive brand license and affiliate fees as well as a minority passive interest in the 888 group company holding certain of its US licensed activity.