Colorado Sports Betting Revenue Ticks Higher For September

The Colorado Department of Revenue reported $47.7 million in gross sports betting revenue for September on Friday, with operators posting a small year-over-year gain.

Winnings rose 3.8% from the previous year, while the 8.7% hold was nearly 1.2 percentage points higher. That jump helped offset a 10.2% decline in handle to $546.8 million, pushing year-to-date handle down 0.6% to $4.5 billion at close.

The state levied taxes on $46.4 million in adjusted gross revenue, redirecting $4.7 million to its coffers. The elimination of promotional deductions for operators has notably affected receipts collected in the new fiscal year, with the first quarter's $12.5 million up $2.8 million from the first three months of Fiscal Year 2025-26.

Colorado also became the 13th state to surpass $2.5 billion in gross operator revenue in the post-PASPA era with September's total.

Colorado Bettors Continue to Hold Tough on Parlays

Parlays are the bread and butter of revenue for sportsbooks in the U.S., with some states seeing operators generate more than half their winnings from the multi-leg wagers. Colorado bettors, however, have proven tougher than their peers in other states where parlay handle and revenue figures are published.

While Illinois has yet to publish its September figures, Colorado bettors have done well in recent months, limiting operators' ability to collect on parlay bets. The house hasn't posted a collective hold of 20% or better in the Centennial State since June 2025, and this year's 14.7% win rate is tracking 1.7 percentage points below the 2025 hold of 16.5%.

Sportsbooks, though, could claim an overall win on parlays compared to last year, as winnings rose 30.2% to $23.2 million from the previous September. That outpaced the 6.2% increase in handle to $176.3 million, as this year's 13.2% hold was more than 2.4 percentage points higher.

The 13.2% year-to-date increase in parlay revenue to $205.3 million largely reflects more wagering, partly boosted by the World Cup. The $1.39 billion worth of accepted multi-leg bets is up 26.3% compared to last year

College Football Still 'Prime' Even if Buffs and Rams Are Not

College football is largely a lost cause in Colorado this season, as both the Buffaloes and Colorado State Rams are struggling and unlikely to land bowl-game spots. But that hasn't stopped bettors from wagering on college football; handle was up nearly three-fold from last year to $34.4 million, and even the modest 4.1% hold was a huge plus for sportsbooks, who claimed $1.4 million in winnings compared to coming out only $11,100 ahead in 2025.

The late start to the NFL season noticeably affected year-over-year numbers, even as the house maintained a 10.1% hold and kept $13.2 million of the $130.7 million in accepted wagers. Revenue climbed 19.5% despite a 32.4% plunge in handle with 16 fewer games.

The revenue bumps in parlays and football helped offset a crushing downturn in baseball. Operators could only keep a 2% win rate, taking $1.3 million of the $62.8 million handle as revenue plummeted 71.9% and wagering fell 14.8%. It marked the lowest in-season monthly hold for Colorado baseball wagering since a minus-6.5% win rate in September 2020.

Table tennis, the niche sport that put Colorado on the sports-betting map in its first months after launch in 2020, generated $2.4 million in revenue for operators on a 9.2% hold against $26.2 million in handle. Winnings were up 15% compared to last year as year-to-date handle surpassed $250 million.