Avalanche’s Success, Sportsbooks’ Loss
National Hockey League (NHL)has been the major contributor to the Colorado sports betting industry during the falling market season. Its $29.5 million handle follows Baseball’s $106.5 million and Basketball’s $44.08 million.
According to reports, the Colorado sportsbooks lost $2 million in June due to the team’s 7-2 record. This is likely because more people are betting on the Avalanche to win, causing bookmakers to lose money.
Avalanche had an impressive playoff record of 16-4, including a couple of sweeps and it is not surprising that they had this dominating record as they are favored in 19 out of the 20 playoff games they play. This resulted in a total of 31.5 million wager winnings in the Ice hockey category alone.
NFL Season Coming Soon
On the other hand, This September, the National Football League (NFL) season kicks off with a slate of exciting games that will have fans on the edge of their seats. It’s that time of year again! The leaves are changing color, the air is getting cooler, and football is back.
This is also something the Colorado sportsbooks have to prepare for since the Denver Broncos Russel Wilson and the +1600 Super Bowl odds.
NFL does not disappoint as Colorado’s sports betting handle does not fall below $408 million during its record-breaking months (September 2021 – February 2022). So make sure you don’t miss a minute of the action! The 2022-2023 NFL season is shaping up to be one of the best yet.
If Broncos underperformed, sportsbooks will surely bag the winnings, but if it suddenly becomes a powerhouse, sportsbooks would surely pay big time.
More Colorado Sports Betting Updates
Aside from those sports mentioned earlier, only Tennis and Soccer have breached the $10M mark in terms of sports betting handle with $23.4 million and $10.3 million respectively.
It reported another sports betting handle drop as the total amount wagered in the state falls to $313.2 million which resulted in adjusted revenue of $6.8 million with a hold rate of 2.2%. This has been the lowest revenue and hold rate since September 2020 which resulted in $4.1 million and a 2% hold rate.
Moreover, online wagering accounts for 99.09% of the total bets with $310.4 million and payments to players were only 303.8 million. Retail wagering had a slight gain with a total handle of $2.8 million and $2.6 million winnings for players.