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olorado has broken a new sports betting handle record, reaching an all-time high of $408.3 million in September. Monthly revenue was $22.7 million, just short of the state’s all-time monthly high, which was set in January this year, at $23.1 million.
In comparison to September last year, revenue was up 423.8%, from $4.2 million. Revenue was also up 44.7% from the previous month of August, in which it totaled $15.2 million. Most of September’s revenue belonged to online operations (98%), which reached $22.3 million in revenue, while retail posted $336,607.
In terms of handle, players spent throughout September 96.6% more than the $207.7 million in the same period last year. It was also up 92.7% from August 2021. The previous handle record was $326.9 million, and was set in January of 2021.
The month found players wagering a total of $402.8 million online, and $5.6 million at retail sportsbooks across Colorado. The NFL proved to be the most popular sports choice among consumers by far: the 2021 season start led to $125.8 million in bets during the month. Baseball follows at $68.7 million, then collegiate football at $46.9 million. Basketball and tennis both account for $16.3 million of all bets.
The new September figures mark the 10th time in just 17 months in which the state’s sportsbooks have posted a record high. On top of the NFL season launch, much of the success has been attributed to the Denver Broncos’ solid start and the extended online apps offering.
The positive trend means the record could prove to be short-lived, with an upcoming busy NFL schedule. This also means great news for online sportsbook operators in the state, which includes industry giants DraftKings and FanDuel, plus newcomers such as Sports Illustrated Sportsbook: 26 sports betting apps are now live in Colorado.
Still relatively young and growing, the market also saw an increase in promotional bets offered by new players: these accounted for nearly $20 million of all wagers placed in September. As a result, net sports betting proceeds in the month totaled $1.8 million, a decline from $7.1 million in August.
State taxes also saw a decline from the $726,365 reported in August. In September, taxes accounted for $483,047.
Colorado has not been the only state to benefit from the return of the NFL season. New Jersey became the first to surpass $1 billion in wagers in a single month, while Nevada sports betting also hit an all-time high of $786.5 million in September.
