Colorado’s sportsbooks achieved a record $408m in September wagers, according to PlayColorado, which tracks the state’s regulated sports betting market, thanks to a great start by the Denver Broncos to the NFL season and a full month of college football.
September’s results marked the 10th time in 17 months of sports betting that the Centennial State’s sportsbooks have posted a record high handle, with the previous high coming in January ($326.9m).
Ian St Clair, analyst for PlayColorado.com, commented: “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.”
Colorado sportsbooks combined for $408.3m in wagers in September, including $402.8m in online wagering, according to Colorado Division of Gaming data. The month’s volume was up 96.6% from $207.7m in September 2020 and up 92.7% from August’s $211.9m.
Gross gaming revenue hit $22.7m, up 443.9% from $4.2m in September 2020 and just shy of the previous high of $23.1m set in January. $19.8m in promotional bets, or “free bets,” whittled net sports betting proceeds to $1.8m, which yielded $483,048 in state taxes.
Pro football tallied $125.8m in wagers, up significantly compared to August’s $13.6m. College football took $46.9m. College and pro football took in more than baseball ($68.7m), pro basketball ($16.3m), tennis ($16.3m), soccer ($13.0m), and table tennis ($11.1m) combined.
Wagering is only expected to increase over the next couple of months following the opening of the NBA and NHL seasons.
Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayColorado.com, stated: “The outlook only gets rosier in the coming months with a busy schedule that includes the return of the Nuggets and Avalanche. If the Broncos can remain relevant the industry will likely make another huge jump forward.”
St Clair added: “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.”