Colorado Sports Betting Has Big September
The sportsbooks in the state of Colorado in September had a monster month as they were able to take advantage of some bad bets from their customers. Gross sports betting revenue for the month was a record-setting $51.3 million in September, and Colorado joined a slew of other states that posted record numbers.
The previous record for gross revenue in Colorado was set last November, but that total was less than $37 million. Sportsbooks posted a hold rate of 11.4% in September, which was the biggest reason for the massive haul.
The $50 million revenue threshold has already been reached by eight different states that have announced September 2022 totals. Colorado hadn’t posted a win rate of more than 10% since all the way back in May 2020.
Total sports betting handle was still very respectable for the month of September as it was over $450 million, and NFL and college football helped with that number. September represented the 6th best sports betting handle total since launch, and it should set the state up for a big finish in 2022.
Colorado has consistently been in the top ten each month in terms of total sports betting handle, but the revenue jump was a massive shock. The state continues to see close to 99 percent of all wagers placed online rather than in-person.
Promotions Do Hurt the Total
Colorado continues to let operators deduct promotional offerings from the revenue that is reported, and it hurts the state. September is a huge month in terms of acquiring new customers, as bettors are always looking for places to bet on the NFL season.
The total amount of deductions for the month of September came in at $19.7 million, but that’s actually not a record for Colorado. September did produce nearly $3 million in tax revenue, and that money goes to help fund a clean water project in the state.
It’s been a big year for the state in terms of tax revenue as Colorado is $4.5 million ahead of the pace set last year through nine months. A closer look at other totals show an even bigger gap in the year-over-year totals.
Both the total handle and the gross revenue are up nearly 50% from the 2021 totals through September. The average hold rate is less than seven percent for the first nine months, though, and that’s worse than the national average.
Parlay Killing the Bettors
Sportsbooks in Colorado continue to entice bettors to create parlays, and that strategy is paying off. The win rate on this type of wager for the month of September was nearly 25%, and the total handle in that category was up over $75 million.
Of course, it was NFL football that generated the most action for the month, as the total parlay on that sport was over $145 million.
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