Thank God for football.
That’s likely the word around the Colorado Department of Revenue, which released a report this week revealing a 55% increase in total Colorado sports betting handle in September.
“Following year-to-year trends, the return of the professional and college football season once again resulted in big results for sports betting wagers and taxes in Colorado,” the department said in a statement.
NFL bets accounted for the biggest share in September, followed by baseball and NCAA football.
When looking at Colorado sports betting revenue numbers, it’s important to view them in context. Month-on-month and year-on-year comparisons are key metrics to track. And, in September, Colorado’s numbers were impressive on both accounts.
Compared to August, September’s numbers were spectacular:
The sports betting industry showed solid overall and online growth compared to September 2021, too:
However, a year-on-year comparison reveals a -17.1% in retail sports betting handle.
In addition to the big jump in handle in September, the state saw some considerable growth in gross gaming revenue (GGR) and win percentage (GGR/total handle):
Sports betting operators’ overall win percentage jumped from 5.55% in September 2021 to 11.40% in September 2022.
What led to the increase in the win rate? It’s possible that Denver Broncos fans contributed to that figure. The Broncos have underperformed across the board this year. The team is 2-7 against the spread this year.
In September, football accounted for 44.1% of all bets in the state (32.4% for pro football, 11.7% for NCAA football). Baseball was second at 18.5%, and tennis had the third-biggest share at 7.3%.
Here’s a look at the handle for the top three sports by bet share:
Month-on-month, pro football bets saw a jump of more than 600%, with bettors going light on preseason bets and pouring in more than $140 million when the regular season started.
J.R. Duren has covered the gambling beats for more than a dozen states for Catena Media since 2015. His past reporting experience includes two years at the Villages Daily Sun, and he is a first-place winner at the Florida Press Club Excellence in Journalism Contest.
Bet with your head, not over it. Call 1-800-GAMBLER if you have a gambling problem.
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