It’s been a common theme as of late as the house is winning at a high rate over the general public. The same could be said about Colorado’s sports betting market, as the Colorado Department of Revenue released the numbers for September.
Sportsbooks in Colorado Combined to Clear $50 Million in Gross Revenue for September
Bettors in the Centennial State have a plethora of options to choose from due to its low barrier to entry. This is what the Colorado sports betting market hoped for after the tough summer slowdown, as the average betting volume wasn’t as high.
The Colorado Department of Revenue announced a record $51.3 million in gross sports wagering revenue for September, which favors the house by a wide margin. September’s haul was nearly double August’s $25.9 million and easily broke last November’s record of $36.8 million.
The monthly handle figures also spiked by approximately $290 million in August to $408.3 million in September. Bookmakers also combined to post a hold rate of 11.4 percent, which has been the common theme for numerous jurisdictions.
August’s win rate registered a solid number of 8.9 percent. Currently, the national average is set to be at 12.1 percent in September. Surprisingly, the strong win rate only ranked above three other states that, include New Jersey (11.3%), New Hampshire (9.4%), and Nevada (9.3%) for the month.
Colorado Joins Elite Company as the Numbers are Final
A new record was set last month as the Centennial State became the eighth state to reach $50 million in revenue, joining Indiana and Virginia as first-timers. It also became the 14th state to set a new record, which is a major milestone.
Unlike a few states, Colorado has the luxury of using promotional deductions, as the total came in at $19.7 million. Due to the results, the state was able to collect nearly $3 million in tax receipts.
In the first nine months of the year, Colorado generated nearly $12.2 million in tax revenue, which is close to $4.5 million ahead of last year. The state legislature has voted to slowly end the tax write-offs for the operators, but it will take effect until the New Year. The good news is other states that have started this have seen better results overall.
Parlays Were the Major Catalyst in the Market
Just like one would expect, parlays have generated sportsbooks a lot of money. With close to $18.8 million from a $75.3 million handle, such bets accounted for the largest portion of operator revenue,
yielding an amazing 24.9 percent hold.
The bettors in Colorado have struggled to generate wins, similarly to the Denver Broncos. The Broncos also traded LB Bradley Chubb to the Miami Dolphins. One sport bettors had success against the house was table tennis, as the win rate for that category was under five percent.
The bookmakers that operate in Colorado look to continue the trend as October’s results will be released soon.
