Colorado clears $50 million in sports betting revenue in September

Colorado clears $50 million in sports betting revenue in September
Colorado clears $50 million in sports betting revenue in September

Much like the Denver Broncos, Colorado bettors had a lot of trouble generating gains in September.

The Colorado Department of Revenue announced a record $51.3 million in gross sports betting revenue for September, adding to the long parade of states that set monthly records in an unprecedented public rout in the post-PASPA era.

September’s figure was nearly double August’s of $25.9m and easily shattered the previous norm of $36.8m set last November – the last time operators went wild at this. national level. Colorado became the eighth state this month to hit $50 million in revenue, joining Indiana and Virginia as the first to cross that threshold, and the 14th state to set a new all-time record.

Colorado’s take of 11.4% was also an all-time high in 29 months of betting, hitting double digits for the first time since narrowly hitting 10% in the May 2020 launch month during the pandemic. , while the handful was only $25.6 million. The September handle was over $450.2 million, the sixth-highest total on record and the first to over $400 million since the $505.6 million in bets accepted in March.

The 11.4% win rate ranks ahead of only New Jersey (11.3%), New Hampshire (9.4%) and Nevada (9.3%) for September and is almost a percentage point lower than the current national take of 12.1% on a handful of $6.5 billion. for the month. Colorado pushed national gross income for the month to just under $800 million, a mark that will be crossed when Arizona and Illinois release their respective numbers.

Operators took advantage of the start of the NFL season to lavish promotional offers on bettors, with total deductions amounting to $19.7 million – the fourth highest total on record and more than five times the 3 $.9 million reported by operators in August. Adjusted revenue of $31.7 million was also a record, making August’s $22 million a short-lived norm.

The state collected just under $3 million in tax revenue for the month, which was the first time the total exceeded $2 million since launch. Colorado generated nearly $12.2 million in tax revenue in the first nine months of the year, nearly $4.5 million ahead of last year’s pace. The state legislature voted to phase out operator tax deductions, but that change doesn’t go into effect until Jan. 1.

Football and parlays cause revenue spiral

Colorado is the only state that offers sports-specific escapes by professional and college football, providing a closer look at the type of pounding the house has administered to the public in the first three weeks of the NFL season. Centennial State bettors bet $145.7 million on pro football in September, but the house kept more than $16 million while posting an 11% hold. This is the highest in-season holdback for professional football on record, eclipsing the 10.3% mark set last November.

With success on the home grill came success in cleaning up broken parlays. The largest share of the operator’s revenue came from these bets with almost $18.8 million out of a handful of $75.3 million, resulting in a staggering 24.9% hold.

The Coloradans had actually held their ground for most of the year when it came to parlays – the house entered September with a 12% win rate on a handful of $573.1 million and had been held less than 10% in three of the first eight months. The resounding rebound by operators resulted in a record win rate in the category, surpassing October 2020’s 22% and marking the third time it exceeded 20%.

And in other categories…

The all-time famous baseball handful cleared $1 billion, with operators accepting more than $83.2 million in wagers and claiming nearly $4.7 million in revenue. The house did well in the first full month of college football, posting a 7.9% hold on a handful of $52.7 million to keep nearly $4.2 million.

Tennis was also a winner for the house with $3.1 million in revenue thanks to a 9.4% win rate. The 10.1% football win rate marked the first time since June 2021 that it hit double digits, with operators raking in $1.7 million from $16.6 million in bets placed.

One area where bettors found little success was table tennis as they held the house below a 5% hold for the first time since October 21. Operators won almost $275,000 over 5 $.7 million wagered, while all-time betting revenue in the niche sport is just under $15 million.

Year-over-year measurements show oddities

The gross revenue suspension in September 2021 was less than half that of this year. Coupled with the usual aggressive promotional spending, this results in dramatic year-over-year increases.

Adjusted revenue this year was 17 times higher than the $1.8 million in 2021, despite total deductions and promotional expenses down 5.6% over the same period. The other indirect result was a six-fold increase in tax revenue from 2021 to 2022.

Sales and gross revenue for the first nine months of the year are both up 48.2% compared to 2021, with the success rate of 6.6% essentially unchanged. Adjusted revenue rose 70% to nearly $117.7 million despite a meager 3.3% holdback after all deductions, with the rate of gain on that figure nearly half a point higher. percentage.

. colorado generates million dollars earnings bets sports september

. Colorado clears million sports betting revenue September

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