After scoring its best month yet in September, Colorado’s sports betting sector has become one of the best in the US. A sports calendar including the first NFL season games, MLB, and the playoffs of the NBA and NHL created a record $207.7 m in bets for the month.
According to analysts from PlayColorado, with a bevvy of new operators making their debut, Colorado joins a group of five states that have produced more than $200 m in a single month.
September’s handle rose by 61 percent from $128.6 million in August, with wagers contributing to gross gaming profits of $4.2 million , down 45 percent from $7.5 million in August. The rise saw Indiana’s Colorado edge briefly taking over fourth position in the US legal sports betting markets.
Dustin Gouker, lead analyst for PlayColorado.com said: “Colorado is nowhere near maturity as a market, and yet its gains continue to put it among the top markets in the US.
“Interest in the Denver Broncos was bound to help spur interest in the NFL’s first few weeks. But September still managed to outpace what we could have reasonably expected just two months ago.”
The gains of September netted a $3.4 m loss in betting proceeds, down from $1.9 m in August, a result of poor luck and strong promotions for the sportsbooks of the state. $69,772 was pumped into state accounts, despite the loss.
A big reason why betting was so brisk was the return of the Denver Broncos and the NFL. Football produced $38.6 m in wagers with 3 full weekends of NFL action. However, by producing $47.1 m, baseball showed surprising power. Heavy interest in the Denver Nuggets, which until September 26 were not eliminated from the NBA playoffs, contributed to $36.9 million being wagered on basketball. Hockey had $11.3 m chipped in.
Jessica Welman, PlayColorado.com analyst, stated: “The NFL is king in every major US sports betting market, so it is no surprise that Colorado bettors showed significant interest, but baseball is proving formidable. Colorado is quickly developing into a well-rounded market with significant betting interest in a wide array of sports, including table tennis, which remains shockingly popular.”
By far, online sportsbooks have proved to be the overwhelming choice for bettors in Colorado. Of all September’s bets, $203.9million, or 98.2 percent, was made online. With 98.5 percent in August, that is basically even. No other major market for legal sports betting has seen such a high percentage of its monthly online handling created.
The operators obviously understood. Colorado welcomed the arrival of four new online sportsbooks in September alone, including theScore, William Hill, Betfred, and Sportsbetting.com.
Welman added: “The Colorado market will continue to sort itself out for the foreseeable future, and its growth prospects remain enormous as more and more operators enter.
“Illinois’ population will make it nearly impossible for Colorado to keep pace, but catching Indiana so quickly is impressive. In fact, Colorado’s race with Indiana remains among the most intriguing storylines of US sports betting.”