The Colorado sports betting industry has achieved new records across the state, and experts believe the momentum will continue this fall. According to Play Colorado, bettors have placed a record number exceeding $408 million in wagers in September, which was largely due to the Denver Broncos’ hot start to open their season and a full month of college football.
Colorado Sportsbooks | Comparing year-to-date numbers
When comparing the year-to-date numbers from September 2020, revenue was up 423.8 percent from $4.2 million. In a span of a month, when comparing September’s numbers to that of August, revenue is up 44.7 percent. September’s results stated that it was the state’s tenth time in seventeen months that the Centennial State’s sportsbooks had posted a record high handle, with the previous high coming in January.
September’s revenue of $22.7 million was just short of the all-time high that was set back in January this year ($23.1 million). Residents and those visiting the state took advantage of mobile sports betting as Colorado sportsbooks as they made up 98 percent of the state’s sports betting revenue for the month. The other two percent that totaled $336,607 was from retail sports gaming facilities.
$19.8 million can be attributed to promotional bets, also known as free bets showed net sports betting proceeds of $1.8 million, which netted the state $483,048 in state taxes. This was a sharp decline from $7.1 million from August and a decline in state taxes of $726,365 that was reported for the month of August.
NFL as the Most Popular Sport
The NFL proved to be the most popular sport like many other states like New Jersey and Nevada. Wagers in the NFL led the way with $125.8 million in bets during the month. The MLB followed with the start of the playoffs, which totaled $68.7 million. College football was next in line with a total of $46.9 million. The NBA and tennis total reached $16.3 million each. $13 million was placed on soccer, and $11.1 million was placed on table tennis.
Ian St Clair, who is an analyst for PlayColorado.com stated, “It is no surprise that a new monthly record would come given the Broncos start, overall enthusiasm for the NFL’s return, influx of new online apps, and the number of games played by Colorado, Colorado State, and Air Force. Maybe more remarkably, though, is just how short-lived this record will likely be. This will be a very lucrative fall for the state’s sportsbooks.”
The record may not stand for long as analysts believe that there are 26 platforms in the state where people can place their bets which includes FanDuel, DraftKings, and newcomers such as Sports Illustrated Sportsbook and Barstool Sports.
With the NBA and NHL beginning their season, the schedule will only get busier for the state and its sportsbooks. If the Broncos can stay in the loop before college basketball makes its official return, wagering is expected to increase in the next couple of months. September’s record can be easily toppled according to many analysts, if that is indeed the case.