Expected Jump Helps Colorado Sports Betting Hit Record

Posted on October 29, 2021
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Written By on October 29, 2021

Colorado sports betting handle cracked $400 million for the first time in September.

Riding the wave of NFL betting, Colorado sportsbooks took $408.3 million in wagers during the month of September, according to a state report released Friday. That bests the previous high of $326.9 million in January 2021.

September’s total is also a 92.7% increase from August’s $211.9 million.

Promos galore in Colorado sports betting

Colorado sportsbooks generated nearly $22.7 million in gross revenue, a 5.5% hold. That is the second-highest gross revenue figure since the state launched in May 2020, behind $23.1 million in January 2021.

Those sportsbooks also spent nearly $21 million on promotional spending. That spend brings the adjusted revenue to $1.8 million.

The state collected $483,000 in taxes from the sportsbooks.

Mobile still dominates

The September online handle in Colorado reached $402.8 million, or approximately 98.7% of the overall figure.

Retail CO sportsbooks took nearly $5.6 million in bets.

The state handle historically tracks at approximately 98% mobile.

Football drives Colorado sports betting

Professional football accounted for 30.8% of September’s handle, clearing $125.7 million in wagers. Sportsbooks generated $4.5 million in revenue from football, a 3.6% win rate.

Parlay bets reached $62.5 million, with sportsbooks holding a solid 17.9% for $11.2 million in revenue. Baseball was the second-highest individual sport at $68.7 million in bets.

SportHandleRevenueHold
Pro Football$125.8 million$4.5 million3.6%
Baseball$68.7 million$2.9 million4.2%
NCAA Football$46.9 million$1.6 million3.4%
Pro Basketball$16.4 million$364,2702.2%
Tennis$16.3 million$1.1 million6.7%
Soccer$13.0 million$1.1 million8.3%
Table Tennis$11.1 million$721,9186.5%
Golf$2.6 million(-$70,656)--
MMA$2.0 million$272,92013.6%
Hockey$974,480$40,9114.2%
Other$42.0 million(-$1.2 million)--
Parlay$62.5 million$11.2 million17.9%

Big month for US sportsbooks

The early returns from the 2021 NFL betting season are solid for US sportsbooks.

New Jersey became the first state to clear $1 billion in wagers in a single month. Nevada sports betting also hit an all-time high, reaching $786.5 million in September.

At least seven other legal US sports betting markets reached all-time highs during September as the football season heats up.

Several significant markets are yet to report, including Illinois, which is firmly in the top four markets through August. Arizona sports betting launched in September and will likely turn in some solid numbers as well when regulators release their report in November.

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Pat Evans

Pat Evans is a Las Vegas-based reporter covering sports business. Evans previously worked at Front Office Sports and the Grand Rapids Business Journal. He has authored two books: Grand Rapids Beer and Nevada Beer.

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