September Sports Betting Handle Up Nearly 10% Year On Year
Nov. 15 2024, Published 3:00 a.m. ET
The Colorado Department of Revenue has announced the state’s sports betting handle reached $562.9 million in September, representing a massive 51.1% increase compared to August and up 9.7% compared to September last year. NFL was the most popular sport, in terms of total bet size, and while retail sportsbooks saw a decline in the month, it was online betting that brought the increase. Casino gambling also remained roughly on par compared to the same period last year. Colorado raised more than $4 million in gambling taxes for the month.
Colorado is home to more than 30 land-based casinos and legalized sports betting, both retail and online, in 2019. The state has also raised maximum bets at casinos, before completely abolishing maximum bet limits. Despite the legalization of sports wagering, the state has yet to regulate online casinos. Luckily, those looking for casino sites in Colorado are free to use offshore alternatives. These casinos, which are regulated overseas, offer anonymity and privacy through crypto payments, according to iGaming expert Gavin Beech.
Sports betting was legalized in 2019. Proposition DD was narrowly passed by 51.4% to 48.6% in a public vote. In May 2020, the first sports betting companies launched in the state. Offline sports betting opportunities were initially limited by lockdowns, but online sports betting took up the reigns.
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It has gone from strength to strength since its introduction and September this year saw $562.9 million in sports betting handle. This brought gross gaming revenue of $55 million. Handle saw a 9.7% increase over the previous year and a 51.5% monthly increase. The NFL saw the most bets, posting more than 30% of all betting handles. Baseball was the next most popular sport with a $173.1 million handle. Golf posted $1.5 million in total handle.
The gains came from online sports betting, as retail sportsbooks saw a 0.5% decline compared to the year before. Casino revenue saw an equally lackluster performance: gross revenue dropped 0.3% for the year. While online casinos remain unregulated in the state, many groups and players have pointed to the potential tax revenue online casinos could bring, adding to the $4 million raised in September.
The state does allow sweepstakes casinos. At these casinos, players can buy coins, which are exchanged for entry into the site’s contests, which are based on and almost identical to popular casino games. Players that win receive sweep coins which can be converted to cash prizes. It does add several steps to the process, however, and, as such, many Coloradoan gamblers instead choose to play at offshore casinos.
Following the legalization of online sports betting, and its success at bringing tax for the state, Colorado might legalize the industry in the future. It would take a public vote for online casinos to be legalized. The legalization of online casinos may provide some degree of competition to the state’s 35 brick-and-mortar casinos, which together help create an economic impact of $4.16 billion.