September Colorado sports betting turnover tops $200 million
Regulated sports betting in Colorado is still relatively new but, like most US regulated markets, is setting new records every month. In September 2020, Colorado’s regulated sportsbooks pulled in $207.6 million in wagers. That’s pretty impressive for the first the full month that included football, though Colorado bettors threw money at a variety of sports, including that quarantine favorite – professional table tennis.
According to a recent report from LegalSportsReport.com, Colorado’s 11 operators took more than $200 million in wagers in September, but only took in around $4.2 million in revenue. Of that amount, only about $70,000 went into state coffers. That’s hardly the revenue haul regulated sports betting supporters promised when they pushed for legalization last year.
The small haul might have something to do with an immature market and sports seasons that are out of kilter due to the pandemic. Though the NHL, NBA, MLB, NFL and NCAA all had games in September, none of the state’s universities held sporting events of any kind.
Like most states where regulated sports betting has just been legalized, the vast majority of action in Colorado is coming from mobile bettors. Sources reports that 98 percent of all those wagers were placed from mobile apps.
The most popular sports for wagering were baseball ($47.1 million); NFL football ($38.6 million); basketball ($37.7 million); and hockey ($11 million). College football, which would likely account for a whole lot more of the take in a normal year, only brought in $3.8 million in wagers. By way of comparison, table tennis brought in $5.3 million worth of wagers. If that doesn’t tell you everything you need to know about life in 2020, we might not be able to help you out.