Colorado sportsbooks are enjoying a good start to the year with a record-breaking revenue. Revenue for January 2024 is $53.5 million. This is 32% higher than December 2023, and 51% higher than January 2023. The revenue gives both short- and long-term growth, certainly a good indicator of the health of the local betting market. The previous record high revenue the state has seen was $51.3 million back in September 2022.
When you become a bookie, keeping track of your sportsbook’s performance is part of your routine. Aside from revenue, you will also want to take a look at the handle, or the total amount of wagers your sportsbook received in a time period. For Colorado, sportsbooks saw a total monthly handle of $596.7 million. The handle is 16.7% lower than December’s record handle of $716 million. Despite the slight dip, January’s handle is actually better than January 2023’s by 9.1%.
Colorado Sportsbooks See Better Performance and Boost from Football
Despite the slight dip in handle from the previous month, revenue manages to grow due to the monthly hold of 9%. This is 3% higher than then previous month. Wagers are mostly driven by football betting- from those who bet on spreads to those who bet on teasers at a sportsbook. NFL betting has a handle of $86.1 million- with $10.2 million in revenue. The wagers for NFL betting are quite high even with the Denver Broncos missing out on the playoffs.
The largest market share comes from parlay betting, of course. With a $269 million handle, around 45% of the revenue for the month come from parlays. So if you are looking at popular bets that are profitable as well, you can check these sports betting software reviews. From there, you can find a good sports betting software provider that can give you a large portfolio of betting options.
As to where players placed their wagers, Colorado offers both retail and online sports betting. However, online betting takes a large majority of wagers- with a $592.2 million market share out of the handle. Given the wide variety of wagering options available with online sportsbooks, it is no surprise that residents prefer to go online rather than travel to place their wagers.
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