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NCAA football payouts cost Colorado in September

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Colorado sportsbooks welcomed the return of the National Football League (NFL) in September, but NCAA football cost them dear.

Handle in Colorado was up 14% year-on-year to $512.8m. The monthly sports betting spend surpassed the $306.1m wagered in August this year by 67%.

However, gross gaming revenue (GGR) of $45.3m was down on the $51.3m generated in September 2022. This was due in the main to unfavourable results in NCAA football, which barely broke even after payouts to players. Sportsbooks were up around $4m from NCAA football during the same month last year.

Total win percentage of 8.8% during the month was well down on the 11.4% of September 2022.

A total of $507.9m was bet online during September, with the remaining $4.9m wagered via retail sportsbooks. Online betting was up 14% year-on-year.

NFL football was the most popular sport to wager on in the home state of the Denver Broncos, accounting for around 30% of the total. The $157.4m it drew in bets was up on the $145m wagered in the corresponding month last year.

Baseball ranked second in terms of betting spend, with players wagering a total of $78.2m on the sport. NCAA football followed with a $69.5m handle, while $99.3m was spent on parlay wagers in August.

Total net sports betting proceeds of $32.5m was up slightly on the $31.7m reported in September 2022.

Elys enters Colorado betting market

Earlier this month, Elys Game Technology struck a market access agreement with Caesars Entertainment in Colorado. The deal marks its entrance into the North American mobile sports betting market.

Under the arrangement with Caesars, Elys will launch in Colorado via its new SportBet.com brand. Elys has not stated when it intends to go live in the state.

SportBet.com will run in Colorado using 5D by Elys technology and offer players access to a range of betting options. The Colorado launch remains subject to regulatory approvals in the state.

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