Colorado sportsbooks enjoy return of NFL with over $500m handle

Colorado sign
Image: Shutterstock

Colorado’s sportsbooks have reported a significant increase in betting activity as the beginning of the NFL and college football season propelled handle to above $500m during September. 

Per the Colorado Division of Gaming Enforcement, bettors wagered $512.8m during September, up 13.9% year-over-year and up nearly 68% on August’s figure of $306.1m.

It marks the second time this year that Colorado sportsbooks have taken over $500m in bets after the record handle detailed in January. The overwhelming majority of the bets were placed online, as $507.9m was wagered on online and mobile sportsbooks, with just $4.9m wagered via retail channels. 

The return of football drove the large increase in betting activity, as NFL bets accounted for 30.7% of wagers in Colorado in September. Meanwhile, college football made up 13.6% of bets. 

A significant 19.4% of bets were parlay bets, which helped to improve the hold rate for operators during the month. 

Sportsbooks held 8.8% in September, helping total GGR to reach $45.3m, which is second only to March 2023’s $26.2m, largely driven by March Madness bets. On a net basis, sportsbooks made $32.5m after deducting promotional bonuses and other credits from the total. 

This meant that operators paid out $3.1m in taxes to the state of Colorado during September, an increase of 73.1% from August and an increase of 4.6% on an annual basis. 

Meanwhile, the $500m handle recorded in September means that Colorado has now taken over $1bn for the fiscal year, marking a 10% increase annually.