Colorado s sportsbooks reach 408m in handle for September

Colorado’s online and retail sportsbooks have reached a new all-time high handle, with a record of $408m in wagers for September.

The month’s volume was up almost 97% from $207.7m for September 2020 and up 93% from $211.9m for August. The previous high was in January, when sportsbooks took in $326.9m in bets.

September generated $22.7m in gross gaming revenue, up 444% from $4.2m for September 2020.

Bettors showed interest in pro football (generating $125.8m in bets), baseball ($68.7m), college football (with 46.9m), pro basketball ($16.3m), tennis ($16.3m), soccer ($13m), and table tennis ($11.1m). Promotional bets (or ‘free bets’) of $19.8m generated net sports betting proceeds of $1.8m, which yielded $483,048 in state taxes.

Ian St. Clair, an Analyst for PlayColorado, said: “It is no surprise a new monthly record would come given the Broncos’ start, overall enthusiasm for the NFL’s return, the 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.”

With brands like Barstool and Sports Illustrated Sportsbook investing in growing their customer base (and increasing competition for operators such as DraftKings and FanDuel), Colorado’s market continues to expand and mature.

St. Clair explained: “Another record month is a reminder that Colorado’s market is still relatively young and growing. In fact, it still could be a couple of years before we reach a true level of maturity. That means we can expect the wild ride to continue for the foreseeable future.”