The Colorado Division of Gaming released August sports betting figures on Tuesday, showing that the total handle amounted to $372 million during the month. That represented an uptick of 21% compared to the same month last year ($306 million) and was also 16.2% higher than the $320.4 million reported for July, driven by NFL and college football action.
The top five sports ranked by total wagers placed in Colorado for August were:
- Baseball — $103.2 million
- Tennis — $39.2 million
- Basketball — $33.5 million
- Football (Pro American) — $29.6 million
- Soccer — $23.3 million
Operators in the Centennial State had an 8.9% hold in the month, generating $33.2 million in gross sports betting revenue. Nearly $700,000 of that came from Colorado’s brick-and-mortar sportsbooks, the third-highest total all-time.
Gross revenue was up 28.3% compared to last August but only 2% from July, as the win rate was 1.2 percentage points lower. Colorado imposes a 10% tax on the sports betting proceeds of retail and online casinos. The state was eligible to levy taxes on $24.5 million in adjusted gross revenue, redirecting nearly $2.4 million into its coffers. Colorado has generated nearly $20 million in state tax revenue from sports betting this year, which is $4.2 million more than last year through eight months.
All in all, the first eight months of 2024 have been good for Colorado sportsbooks. The $295.3 million in gross revenue is up 28% from the same period last year, beating the 17.7% rise in the handle to $3.73 billion, and the 7.9% hold for the year is up almost two-thirds of a percentage point.
Football dominates Colorado sports betting
The state division of gaming does not provide figures for specific leagues. However, the NBA and NCAA did not play basketball games in August, and the sport outpaced preseason NFL, soccer, and early-season NCAA football games.
Colorado sports gamblers are expected to shift their attention to the NFL as regular season play continues. Last year, per the state division of gaming, pro football was the most wagered-on sport in Colorado between September and December. NFL and college football action is picking up significantly compared to last year.
According to Action Network, the ‘Coach Prime’ effect showed no signs of slowing down in Deion Sanders’ second season as coach of the Buffaloes, as college football wagering more than doubled from last year to nearly $14 million. There was $29.6 million wagered on all pro football, up 52.4% from the $19.4 million handle reported on NFL events in 2023.
Pro football revenue was the largest source of income from any category excluding parlays. Bettors fared much better in August wagering on baseball compared to July, knocking down the hold more than four percentage points to 4.1% as the $4.2 million in house winnings plunged 46.1%.
The only other sport where revenue topped $2 million was tennis, where the house had a 7.4% hold in claiming $2.9 million from $39.3 million handle. Basketball winnings totaled $1.9 million, and soccer rounded out the top five for sports with $1.8 million.
Original article: https://www.yogonet.com/international/noticias/2024/10/03/80716-colorado-records-372m-sports-betting-handle-in-august-up-by-21-from-last-year
