• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Colorado Clears $50 Million In September Sports Wagering Revenue

Operators aggressively seeking customers in Centennial State

Chris Altruda by Chris Altruda
November 1, 2022
in Industry
Colorado September 2022 revenue report
Share on FacebookShare on Twitter

Much like the Denver Broncos, bettors in Colorado had plenty of problems generating wins in September.

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

The September figure was nearly double August’s haul of $25.9 million and easily shattered the previous standard of $36.8 million established last November — the last time operators went on a rampage of this level nationally. Colorado became the eighth state this month to reach $50 million in revenue, joining Indiana and VirginiaΒ as first-timers to cross that threshold, and the 14th state to set a new all-time record.

Colorado’s hold of 11.4% was also an all-time high in 29 months of wagering, reaching double digits for the first time since narrowly cracking 10% in the launch month of May 2020 during the pandemic, when handle was a mere $25.6 million. September handle was more than $450.2 million, the sixth-highest total recorded and the first over $400 million since the $505.6 million in accepted wagers in March.

The 11.4% win rate ranked ahead of only New Jersey (11.3%), New Hampshire (9.4%), and Nevada (9.3%) for September and is almost a full percentage point below the current national hold of 12.1% on $6.5 billion handle for the month. Colorado pushed the national gross revenue for the month to just shy of $800 million, a mark that will be crossed when Arizona and Illinois publish their respective numbers.

Operators used the start of the NFL season to lavish promotional offers on bettors, as the total amount of deductions came to $19.7 million — the fourth-highest total recorded and more than five times the $3.9 million reported by operators in August. The adjusted revenue of $31.7 million was also a record, making August’s $22 million a short-lived standard.

The state reaped just shy of $3 million in tax receipts for the month, which was the first time the total surpassed $2 million since launch. Colorado has generated nearly $12.2 million in tax revenue the first nine months of the year, which is close to $4.5 million ahead of last year’s pace. The state legislature voted to gradually eliminate operator tax write-offs, but that change does not take effect until Jan. 1.

Football and parlays cause revenue spiral

September #SportsBetting numbers for #Colorado via DoR, a 🧡. Han/Rev/WR by sport category (5/5)

πŸ’Έ (parlay) $75.28M/$18.77M/24.94%

People…people…people…

7/x #GamblingTwitter pic.twitter.com/Fsaytn5MXs

— Chris Altruda (@AlTruda73) November 1, 2022

Colorado is the only state that offers sport-specific breakouts by pro and college football, allowing a closer look to see just what kind of pounding the house has been administering on the public through the first three weeks of the NFL season. Bettors in the Centennial State wagered $145.7 million on pro football in September, but the house kept more than $16 million while posting an 11% hold. It is the highest in-season hold for pro football recorded, eclipsing the 10.3% mark set last November.

With success on the gridiron for the house came success in cleaning up broken parlays. The biggest share of operator revenue came from those wagers with close to $18.8 million from $75.3 million handle, resulting in a staggering 24.9% hold.

Coloradans had actually been holding their own for most of the year when it came to parlays — the house entered September with a 12% win rate on $573.1 million handle and had been held under 10% in three of the first eight months. The resounding bounce-back by operators resulted in a record win rate in the category, bettering the 22% from October 2020 and marking the third time it surpassed 20%.

And in other categories…

September #SportsBetting numbers for #Colorado via DoR, a 🧡. Han/Rev/WR by sport category (3/5)

🎾 $33.07M/$3.11M/9.4%
⛳️ $1.23M/$201.4K/16.36%
πŸ₯Š (boxing) $1.02M/$402.3K/39.48%

5/x #GamblingTwitter

— Chris Altruda (@AlTruda73) November 1, 2022

All-time known baseball handle cleared $1 billion, as operators accepted more than $83.2 million in wagers and claimed close to $4.7 million in revenue. The house fared well in the first full month of college football, posting a 7.9% hold on $52.7 million handle to keep nearly $4.2 million.

Tennis was also a winner for the house with $3.1 million in revenue on the strength of a 9.4% win rate. The 10.1% soccer win rate marked the first time since June 2021 it reached double figures, with operators picking up $1.7 million from $16.6 million in bets placed.

One area where bettors found small success was in table tennis, as they held the house below a 5% hold for the first time since October ’21. Operators came out nearly $275,000 ahead on $5.7 million wagered, as all-time revenue from bets in the niche sport is just shy of $15 million.

Year-over-year metrics show quirks

The hold on gross revenue in September 2021 was less than half that of this year. Coupled with the customary aggressive promotional spend, the result is some eye-popping year-over-year rises.

The adjusted revenue this year was 17 times higher than the $1.8 million in 2021 despite the total deductions and promotional spend being 5.6% lower in the same period. The other knock-on result was a six-fold increase on tax receipts from 2021 to 2022.

Handle and gross revenue through the first nine months of the year are both up 48.2% versus 2021 as the 6.6% win rate is practically unchanged. Adjusted revenue is up 70% to nearly $117.7 million despite a meager 3.3% hold after all deductions were made, with the win rate on that figure nearly one-half of a percentage point higher.

ShareTweetShare
Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

Related Posts

January 2023 revenue report Colorado
Analysis

Colorado Sends National Post-PASPA Handle Over $200 Billion

March 3, 2023
Illinois December 2022 revenue report
Analysis

Illinois Edges Over $1 Billion Sports Wagering Handle Again For December

February 10, 2023
Load More

Top Stories

taylor mathis

Taylor Mathis Got Sacrificed At The Altar Of Responsible Gambling

March 20, 2023
fanduel baseball wall

Premade Same Game Parlays Are Sucker Bets

March 13, 2023
maginfier-over-small-print

Read The Fine Print: A Proposed Federal Rule Could Change Everything For Indian Gaming

March 6, 2023
roman reigns wwe

Colorado Denies Report Stating That It’s Considering WWE Wagering

March 8, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – Where To Play, Bonus Offers And Promo Codes

by Brian Pempus
March 27, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 27, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
January 17, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2023

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
October 6, 2022

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

SportsHandle

  • Analysis
  • Casino
  • Features
  • Horse Racing
  • Industry
  • Legal
  • Legislation
  • Opinion
  • Podcasts
  • Poker
  • Politics
  • Promotions
  • Regulation
  • Sports
  • Uncategorized

Better Collective

This website is owned and operated by Better Collective USA. Trademarks and copyrights referenced on this website are and shall remain the exclusive property of their respective owners and/or licensors. Please be sure to visit the operator’s website(s) to review their terms & conditions. We advise you to read these carefully as they contain important information. Copyright Β© 2023 USBets.com | Better Collective USA
21 Play Responsibly
Gamble Aware West Virginia
Gambling Problem? Call 1-800-Gambler.
GameSense

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News

loading

Please wait while you are redirected to the right page...