- Colorado’s September betting handle increased 61% month-on-month.
- The increase in betting activity actually led to a net loss in betting proceeds.
- September’s betting handle put Colorado in the top five largest sports betting markets in the country.
DENVER – The Colorado sports betting market has continued to prove itself as a major player in the arena and September’s betting handle officially makes the Centennial State a top five sports betting market.
This comes as Colorado’s September betting activity increased 61% from August. Colorado has boomed as a sports betting market since regulating sports betting earlier this year.
The Centennial State did, however, suffer net losses in terms of sports betting revenue, but the increase in betting activity bodes well for the state going forward.
Colorado Continues To Boom
What pushes the Colorado sports betting market ahead of other markets is the success the Centennial State has seen in online and mobile betting.
According to the official report released by the Colorado Gaming Commission, the majority of the sports betting handle came from online and mobile wagers. A total of $203,882,793.41 was wagered at online and mobile sportsbooks in Colorado. This is 98.2% of the total betting handle.
In contrast, just $3,7773,149.31 was wagered at retail sportsbooks. This may be attributed to many sports bettors preferring to wager from home due to the coronavirus pandemic or that mobile betting, in general, is an easier way to get in on the action.
Colorado was also aided greatly by the MLB, NFL, and NBA seasons as these sports were the most wagered on events in September.
Percentage of Wagers By Sport
Table Tennis 2.6%
The NBA and MLB postseasons were in full swing in September so it is no surprise that these sports dominated the betting activity in Colorado. The NFL on the other hand had just begun in mid-September. This shows how large the betting audience for football is in the Centennial State.
Although betting activity was massive in September, the actual sports betting revenue resulted in net losses. Colorado lost $3.3 million in paying out wagers. The state did manage to collect $69,771.64 in taxes, however.
Colorado continues to boom as a major legal sports betting market. With a full month of NFL betting, and the NBA and MLB Finals taking place in October, Colorado is expected to remain a top-five sports betting market.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.