Colorado sports betting welcomed its first September as a regulated market by setting a record with more than $200 million wagered.
According to the Colorado Department of Revenue’s Division of Gaming, the Centennial State’s licensed sportsbooks generated a betting turnover of more than $207.6 million in September, a 61% increase from August’s total. It’s also a new record for the state’s sports betting market.
Despite the dramatic increase in betting activity in September, Colorado’s share of the action contracted was due to operators’ ultra generous online bonus offers. According to the Department of Revenue, net sports betting product (NSBP), or taxable revenue, was $3.39 million. The betting revenue totaled somewhere around $4.2 million, with the state’s share of a mere $70,000.
Mobile sports betting continued to dominate the popular choice, accounting for almost 98% of the total betting handle. Only 2% of wagers were placed at a retail location.
Most Favorite Sports Among Bettors
Even with the return of college football and the NFL, the top sport wagered on in September was baseball. It generated $47.1 million in the betting handle, and the operators paid out $50.15 million to gamblers.
The second spot was claimed by professional American football with $38.6 million wagered. Of this, $36.86 million was returned to bettors, according to official data. With $37.7 million, basketball was the third most popular sport in Colorado during September. Hockey was the only other sport to earn a handle of more than $10 million.
Three other sports, table tennis, tennis, and soccer, racked up larger handles in Colorado last month than the $3.84 million generated by NCAA football.
Colorado and the National Sports Betting Trends
Colorado’s September handle reflects the growing national trend that is witnessing record numbers around the states.
Recently New Jersey and Pennsylvania posted monthly record handles with $748 million and $462 million, respectively. Indiana also had a record-setting September with $207 million in the handle. With nearly $1 billion in wagers expected from Nevada and Illinois, a number as high as $2.5 billion is being projected.
As Colorado does not provide an operator-to-operator breakdown, individual sportsbook performance is not available.
The Centennial State continues to assert itself as a formidable competitor in the US sports betting market. The inherent growth potential has made the state an attractive and friendly market for sportsbooks. Currently, Colorado has 15 licensed internet operators and 11 retail operators running mobile and in-person sportsbooks.
Colorado’s Progress to a Regulated Market
In November 2019, Colorado residents voted for Proposition DD, making the Centennial State one of many US states that allowed residents to place legal wagers on sporting events. This came after a year the Supreme Court struck down PASPA, a law that prohibited sports betting in most US states.
Following the passage of the sports betting bill by the Colorado General Assembly in May 2019 and the Proposition DD later in November, the Colorado Limited Gaming Control and the Colorado Division of Gaming became the statutory authority over the regulation of sports betting in the state.
Colorado eventually became a legalized and regulated sports betting market on May 1, 2020.