The sportsbooks in Colorado took advantage of the situation, as the September numbers are now official. However, these bookmakers are still seeking to add more customers to their platforms as the Centennial State has a low barrier to entry.
Colorado Clears $50 Million in Gross Revenue in September
The Colorado Department of Revenue reported a record $51.3 million in gross revenue for the month. Numerous jurisdictions have strong results against the public this month and hope to continue the trend in October.
August signaled the last month of the summer slowdown as the fourth quarter of every year is when the overall results start to fade the public bettors. September’s haul nearly doubled August’s $25.9 million and shattered the previous national record of $36.6 million established last November.
Colorado became just the eighth state to surpass the $50 million mark in gross revenue. Ultimately, the Centennial State joined Indiana and Virginia as first-timers to reach this milestone. In addition, Colorado is the 14th state to set a new record.
The bookmakers in the state also registered a combined hold rate of 11.4 percent, which is only ahead of three other states in September. These other jurisdictions are New Jersey (11.3%), New Hampshire (9.4%), and Nevada (9.3%).
The average win rate for the industry this month is situated at 12.1 percent, which is well above the normal hold rate of 7.2 percent. Operators in Colorado geared toward their marketing tactics as they offered a plethora of free bets and other promotions as the deductions totaled $19.7 million.
The state was able to collect $3 million in tax receipts. In the first nine months of the year, Colorado generated nearly $12.2 million in tax revenue, nearly $4.5 million more than last year.
Football Wagers Go Against the Public
The Denver Broncos‘ season didn’t go as planned, as they are currently 3-5 and third in the AFC West. In September, Colorado sports bettors wagered $145.7 million, but the house had a margin of over $16 million.
This may continue as LB Bradley Chubb, a 2025 fifth-round pick to the Miami Dolphins in exchange for RB Chase Edmonds, a 2023 first-round pick, and a 2024 fourth-round pick.
Operators also had a huge win rate on parlays. An extraordinary 24.9 percent hold rate of the operator’s revenue came from those wagers, with close to $18.8 million from the $75.3 million handle.
The overall baseball handle hit the $1 billion mark, and college football had a win rate of 7.9 percent in September. The house had a hold rate of 9.4 percent in tennis. Bettors found success in table tennis, as the hold rate was below five percent.
Colorado Adds More to its Already Loaded Arsenal
Last week, Bayes Esport announced it had been licensed as an official sports betting supplier in New Jersey and Colorado. The company becomes the first in the nation to leverage live esports data directly from the source.
Joining Colorado and New Jersey will help Bayes Esports gain more market access in other jurisdictions as time goes on. The company has also expanded its existing partnership with bet365 as it, too, is trying to gain market share in the United States.