With the sporting events getting back at it again, numerous states, including Colorado may report record-breaking performances again. NFL and MLB are currently heating up, while the NHL and NBA will soon join the party. All of the leagues will be running all at once and online sports betting will play a big role in this.
Recent data would suggest that online sports betting may not just result in a higher handle for sportsbooks, but also higher winning chances for bettors. In states without mobile sports betting, the hold percentage for sportsbooks is higher than in states with mobile sports betting.
This suggests that when people can bet on sports from their phones, the sportsbooks are taking less of a cut. This could be good news for bettors in the United States.
Colorado, One of the States With the Lowest Hold
In the United States, there are currently already more than 30 states that offer legal mobile sports betting. Nevada, Colorado, Iowa, New Jersey, and New Hampshire are just some of those.
These states have found that allowing mobile sportsbooks betting apps has helped to increase tax revenue and create jobs. In addition, these states have also seen a decrease in illegal sports betting activity. Mobile sports betting has also been shown to be beneficial for sports bettors.
These are the top five states in terms of winning bettors as all of them have a below 7% hold rate. While this does not mean an automatic winning, having an increased chance of bagging money could attract more bettors.
|State||Sportsbooks Hold Rate|
Hold rate is the amount that the sportsbooks retain for every dollar wagered. This shows how much the sportsbooks are winning. A lower hold rate means bettors are winning more.
On the other hand, states without online sports betting have higher handles. As per the data, four of the top six states which have the highest hold rate do not offer state-wide online sports wagering.
|State||Sportsbooks Hold Rate||Mobile Wagering|
|Delaware||14.75%||Not yet available|
|Montana||13.47%||On Casino Premises Only|
|Washington DC||12.49%||Launched Last May 2020|
|Maryland||11.90%||Not yet available|
|Mississippi||11.20%||On Casino Premises Only|
|Arkansas||10.47%||Launched Last Feb 2022|
Results Are Not Consistent
Despite the having great implications in the first two subsets, the next subset does not support the claims. The next seven states have a hold rate of around 8-10% with six of these states offering mobile wagering. this s is well above the 7.2% national hold rate average. Two of these states feature only online betting, namely, Wyoming and Tennessee.