Colorado sports betting was alive and well in September as wagers climbed to $450 million. That’s a staggering amount, and it’s only going to go up as the American football season progresses.
In addition, the Colorado Division of Gaming reports also indicated that sports betting revenue almost doubled in September compared to August. Looks like Colorado sports wagering is back to its usual numbers after suffering a decline during the summer season.
Colorado Sports Betting In September
Coloradans wagered a total of $450,232,597 during September which shows a 55.2% boost compared to August sports betting results. Colorado online sportsbooks handled $445.6 million while retail bookmakers accounted for only $4.6 million.
Moreover, Colorado sportsbooks retained $51,339,659 of the bets which resulted in a massive 11.4% hold rate – greatly above the all-time average of 6.5%. The hold is the percentage of money wagered by bettors that the bookmaker keeps. For example, if a bookmaker takes $100 in bets on a football game and pays out $90 in winnings, the hold is 10 percent. The higher the hold, the more money the bookmaker makes.
While the high hold rate benefits sportsbooks, the state also got its share as they levy taxes based on the sports betting revenue of bookmakers. As per the reports, Colorado levied almost $3 million in sports betting taxes on sportsbooks for September alone, a 64% increase compared to 1,822,104 from August.
Football Betting Boost
The launch of football season fueled more sports wagers due to numerous betting options offered by bookmakers. With dozens of games every week, bettors can easily find lots of opportunities to place wagers and win big. And with the rising popularity of online sportsbooks, more people are taking part in this growing industry and enjoying all the benefits it has to offer.
Overall, it looks like Colorado sports betting is booming, with wagers climbing to record-high amounts every month. As the American football season progresses, we can expect even more exciting results in the months ahead. So if you’re a sports bettor looking for an edge, make sure to check out Colorado’s many online and retail bookmakers
Colorado bettors wagered a total of $145.7 million in football or almost 32% of the total wagers for the month. This is just the launch of the NFL season and there are more exciting games to come, including Super Bowl Week in February.
Baseball bets followed with $83.2 million, while Coloradans wagered a total of $52.7 million on college football.