September was a mixed month for sportsbooks in Colorado as they welcomed the return of the NFL but suffered losses due to NCAA football. Despite an overall increase in handle of 14% to $512.8m, gross gaming revenue decreased to $45.3m from $51.3m in September 2022. This was mainly attributed to unfavorable outcomes in NCAA football, which only broke even after payouts to players, resulting in a $4m loss for sportsbooks compared to the previous year.
Online betting saw significant growth, with $507.9m bet online compared to $4.9m wagered via retail sportsbooks. The total win percentage also decreased to 8.8% from 11.4% in September 2022.
NFL football was the most popular sport to wager on, accounting for around 30% of the total betting activity. Baseball came in second with a total of $78.2m in bets, followed by NCAA football with $69.5m, and $99.3m spent on parlay wagers in August.
However, there was a slight increase in total net sports betting proceeds, reaching $32.5m, a slight improvement from the $31.7m reported in September 2022.
On a positive note, Elys Game Technology entered the Colorado betting market with a market access agreement with Caesars Entertainment. Elys will be launching its SportBet.com brand in the state using 5D by Elys technology, offering a range of betting options for players. However, the launch is subject to regulatory approvals in the state, and there is no specific timeline for when it will go live.
Overall, while there were both positive and negative aspects to Colorado’s sports betting market in September, the industry is looking towards future opportunities for growth and expansion with new market entrants like Elys.