Colorado sports betting handle hits record $408.3m in September

The state of Colorado’s sports betting handle figure passed the $400m figure for the first time in September

According to the state report that was released on Friday, bettors in the state of Colorado wagered $408.3m on sporting events in September.

September’s handle marks a significant increase on the state’s previous handle record of $326.9m from January 2021. The latest figure also marks a 92.7% month-on-month increase on the $211.9m wagered in August.

Almost all of the state’s handle came from online sportsbooks with Colorado bettors wagering $402.8m via mobile and online channels. This compares to $5.6m being wagered at land-based casino sportsbooks.

In terms of revenue, Colorado sportsbooks generated just under $22.7m in gross revenue. This marks the second-highest revenue figure since the state’s betting market went live back in May 2020. 

Colorado’s highest monthly revenue figure came in January 2021, when operators generated $23.1m.

However, sportsbooks spent just under $21m on promotional spending in September, bringing adjusted sports betting revenue to $1.8m.

This led to the state collecting $483,000 in tax revenue from sportsbooks in the state.

Football dominates the market

Professional football accounted for $125.8m of 30.8% of the state’s sports betting handle in September. Sportsbook operator managed to generate $4.5m in revenue from football bets.

Baseball betting made up $68.7m of the state’s handle in September as well as $2.9m in revenue. Meanwhile, betting on NCAA football events brought in $46.9m in bets and $1.6m in revenue.

Colorado bettors wagered $16.4m on professional basketball, generating $364,270 in revenue for operators.

Sportsbooks generated $1.1m in revenue from $16.3m in tennis wagers. Bettors wagered $13m on soccer, leaving sportsbooks with $1.1m in revenue while table tennis brought in $11.1m in bets, generating $721,918 in revenue.

No other individual sport passed the $10m handle mark for September.

Parly or combination wagers accounted for $62.5m of the state’s betting handle in September.

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.

September brings massive boost for most states

The early returns from the start of the 2021 NFL season are proving to be massive for US sportsbooks 

New Jersey became the first US state to pass the $1bn threshold in wagers in a single month. Meanwhile, the state of Nevada saw handle hit an all-time high of $786.5m in September.

Several other states, including Illinois, which is one of the top markets for US betting, have yet to publish their September revenue figures.