Colorado’s sports betting handle more than doubled in August.
According to the latest figures from the Colorado Department of Revenue, Colorado’s sports betting handle more than doubled to $128.6m in August, up from the $59.2m wagered in July.
Bettors in the state wagered $126.6m via the state’s online sportsbooks and just over $2m at the state’s land-based sportsbooks.
In terms of revenue, sportsbook managed to generate $7.5m in gross gaming revenue representing a 5.9% hold. However, after adjustments from bonuses, net revenue amounted to $1.9m.
Customers managed to win $121.1m back from sportsbooks in August.
What did people bet on?
Unlike other state reports, Colorado does not include individual operator figures, instead, it breaks down betting activity across different sports.
Basketball was the most popular sports bet on in August with bettors in the state wagering a total of $38m on the sport. More than $22.7m was wagered on Baseball making it the second-most popular sport to bet on.
Parlay and combinations bets came in third place after bettors wagered just under $22.7m on these. Hockey betting came in fourth place with players wagering $13.6m on hockey games.
Table tennis events, which grew in popularity during the sport shut down during the coronavirus pandemic, remained high on the report in August after bettors wagered $4.5m on these events.
“Other” sporting events, which includes the sporting events not mentioned in the report, accounted for $13.7m of the state’s total betting handle in August.
September figures could see more growth
Colorado’s betting market could see even more growth in September after several operators have launched betting operations in the state in the previous few weeks.
The Canadian sports media company, theScore launched its sports betting product in Colorado earlier this month, while Bet.Works launched its self-service betting terminals at Red Dolly Casino in Blackhawk in Colorado.
William Hill also launched its online and mobile sportsbook in the state of Colorado earlier in September, along with Betfred.
Sports betting in Colorado
The Centennial State narrowly legalised sports betting in November 2019 after voters approved the sports betting measure through a referendum.
Like New Jersey, Pennsylvania and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines. When it comes to in-person wagering, only three towns in the state have been granted approval to offer in-person betting
More operators are expected to launch in Colorado, which could have more than 30 sportsbook operators once the market reaches full maturity.
