In the latest bookie PPH news, we are taking a look at betting markets across the US and their latest monthly reports. Most states are releasing their September reports, so many in the industry are expecting to see higher numbers than the previous month. And if we look at the sports betting market in Colorado, you will not be disappointed as the state records better numbers, and breaks new records.
The start of the football season pushes the sports betting handle for Colorado sportsbooks at $408.3 million for September. This is 55% higher than August’s $290 million. It also gives us a 10.2% jump in the year-on-year handle. All in all, we are seeing a health amount of growth in the betting market. This is good for those who use a sportsbook pay per head software. Bookies have a larger market that they can tap as customers for their online sportsbooks.
Sports Betting Market in Colorado: Revenue and Tax Revenue
One of the biggest indicators of the success of a sportsbook is revenue. You can get all the bets in the world, but if you do not manage your sportsbook well, then you will not be maximizing your revenue potential. There are a lot of tools that you can use to help you do this, and these bookie pay per head reviews will help you find the best ones. Looking at Colorado sportsbooks, we have a Gross Gaming Revenue of $51.3 million for September. This gives a tax revenue of almost $3 million for the state. Just to compare, back in September 2021, the tax revenue was only at $483,048. This is a mind-boggling 518% increase in year-on-year numbers.
Just to give you an idea on the breakdown of the wagers, 32.4% of all wagers are for professional football. Baseball is still active with 18.5%, and collage football at 11.7%. As you can clearly see, betting on the NFL or NCAA football will definitely be pushing sports betting numbers across the country. As for where players are placing wagers, only 14.3% of the wagers are coming from retail sportsbooks, with the majority preferring the convenience of betting online.