Gaming

Colorado’s handle passes US$ 300M in August

Thursday 12 de October 2023 / 12:00

⏱ 1 min read

(Colorado).- The summer slump for legal sports betting is over. Thanks to September baseball and football season, legal betting states are seeing an uptick in action.

Colorado’s handle passes US$ 300M in August

Colorado's Department of Revenue announced that the state's online sports betting sites accepted $306 million in wagers in August, an 8.8% monthly increase. And, after paying out winning tickets, the sportsbooks kept $25.8 million, an 8.4% hold. An 8.8% hold was reported in July.

The drop in hold hurt Colorado sports betting operators more than the state’s coffers. Sportsbooks reported $18.6 million in net receipts, slightly less than July’s $19 million. But, the state’s tax bill hit $1.8 million, slightly higher than July’s $1.7 million.

Retail books buoyed by football

While the online books won in nearly every sport (except for MMA), the brick and mortar operators were lucky to be profitable.

As a whole, bettors who went to a physical location beat the sportsbooks. Seven of the top 10 sports Coloradans bet on were profitable for retail bettors. And yet those books netted $244,000 in August and reported a 13.1% hold.

The reason was that these same bettors had disastrous luck in their football bets. Sportsbooks reported a 39% hold in pro-football wagers, and an 87% hold in college football.

That being said Coloradans did not see football as their go-to sport. Instead, baseball led all sports with 34.5% of the statewide action, followed by tennis (9.8%), basketball (8.6%), and soccer (6.7%).

Categoría:Gaming

Tags: Sin tags

País: United States

Región: North America

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