Sports

Colorado reaches record $408m sports betting handle in September

September was Colorado’s most profitable month for sports betting with a total handle of more than $408 million, according to new figures from the Department of Revenue (DOR).

The total handle represents an increase of more than 92% from August and a 97% year-over-year increase, according to the data.

Colorado’s total gross gaming revenue was more than $22.6 million, a nearly $7 million increase from August. This total is calculated by subtracting the total payments made to players from the gross wagers. The state collected more than $480,000 in taxes from the gaming revenue.

Overall, mobile betting accounts for 98% of Colorado’s total betting handle, DOR said in a news release.

Ian St. Clair, a sports betting analyst at Play Colorado, credited the Denver Broncos’ hot start to the season and an influx of new online betting apps for Colorado’s performance. However, he noted that this record may be short-lived.

“This will be a very lucrative fall for the state’s sportsbooks,” St. Clair said in a statement.

NFL Football accounted for 30% of the total wages entered in September, or more than $125.7 million. Only $2.3 million of those wages came from retail locations, however.

Baseball and college football collected the second and third-highest total wagers at $68.7 million and $46.9 million, respectively.

Slightly more wagers were placed on basketball games than tennis matches in September, which marked the first month since May that tennis was not among Colorado’s top four grossing sports.

In all, $16.34 million was wagered on basketball while $16.33 million was wagered on tennis.

Eric Ramsey, an analyst for the PlayUSA.com network, said the expansion of sportsbooks like Barstool and the Sports Illustrated Sportsbook will help push Colorado’s total wagers higher. This effect could be compounded by the local sports schedule, he added.

“The outlook only gets rosier in the coming months with a busy schedule that includes the return of the Nuggets and Avalanche,” Ramsey said. “If the Broncos can remain relevant, the industry will likely make another huge jump forward.”

This article was originally posted on Colorado reaches record $408m sports betting handle in September