Football drives 55% jump in sports betting revenue in Colorado

Thank god for football.

That’s probably the word around the Colorado Department of Treasurywhich published a report this week revealing a 55% increase Overall sports betting in Colorado is settled in September.

“Following year-over-year trends, the return of the pro and college football seasons once again led to big results in sports betting and taxes in Colorado,” the department said in a statement.

NFL Betting accounted for the largest share in September, followed by baseball and NCAA football.

September sports betting numbers are impressive on several levels

When looking at sports betting revenue figures in Colorado, it’s important to put them in context. Month-to-month and year-to-year comparisons are important metrics to track. And in September, Colorado’s numbers were impressive on both sides.

Compared to AugThe numbers for September were spectacular:

  • A 55.2 percent increase in total amount (the dollar amount played)
  • A 54.8 percent increase in online handling
  • A 98.9% increase in trading volume (bets placed on Casino Sportsbook)

The sports betting industry was solid overall online growth also compared to September 2021:

  • A 10.3% increase in overall grip
  • 10.6% more online handles

However, a year-on-year comparison shows a -17.1% in retail Sports betting handle.

Gross Gaming Revenue and Win Percentage boomed in September

Alongside the big grip jump in September, the state was watching some significant growth in gross gaming revenue (GGR) and profit percentage (GGR/total grip):

  • A total of $51.3 million was settled in September 2022, compared to $22.7 million in 2021
  • $50.7 million in online handling in September 2022 compared to $22.3 million in 2021

The overall win percentage of sportsbooks jumped from 5.55% in September 2021 11.40% in September 2022.

What led to the increase in win rate? It is possible that Denver Broncos Fans contributed to this number. The Broncos have underperformed across the board this year. The team is 2-7 against the spread this year.

Football accounts for the largest share of betting

Football was canceled in September 44.1% of all bets in the federal state (32.4% for professional football, 11.7% for NCAA Soccer). Baseball was second at 18.5%, and tennis had the third largest share at 7.3%.

Here’s a look at the top 3 sports by betting percentage:

  • Football: $195.7 million
  • Baseball: $82.5 million
  • Tennis: $33.0 million

Month-to-month, pro football bets saw an increase of more than 600%, with bettors underestimating pre-season bets and pouring in more than $140 million when the regular season started.