Last updated on December 6th, 2023 at 04:08 pm
The ongoing baseball season, and the early football season helped Colorado sportsbooks generate more betting handle than the previous month. According to the Department of Revenue of Colorado, the total sports betting handle for sportsbooks in the state is at $306 million. This 8.8% higher than the handle of the previous month. If you are learning about betting trends while you are becoming a bookie, then you know that this signals the end of the summer slump in US sports betting.
Historically, betting markets across the country see an uptick in betting in August. While baseball remains to be the top sport people bet on during August, preseason betting for football also begins. And betting on either college football or the NFL is one of the most profitable ways for sportsbooks to earn money.
Colorado Sportsbooks and The Numbers: What It Tells Us
Your gambling software can help you generate reports to help you determine the status of your sportsbook. With the software, you can easily see your handle, revenue, hold percentage, and more. You can even view your numbers per sport, if you want to. For sportsbooks in Colorado, the handle leads to $25.8 million in revenue, with an 8.4% hold. The hold is slightly lower than that of July.
When it comes to the hold percentage, bookies will want to see higher numbers. The lower the numbers, the more payouts are released, therefore, sportsbooks will earn less. However, the drop in the hold percentage is still very low. And since history tells us that better months are coming, it is quite possible for sportsbooks in the state to not only see better figures in the handle, but with the hold and revenue as well.
Out of the $306 million, around $105 million of the wagers are made towards baseball bets. Tennis comes in at second with $29.8 million, with basketball third at $26 million. Soccer comes in at 4th with $20 million, while NFL betting sits at 5th place at $19.43 million. College football betting comes in at 6th place with $5.9 million, an amount that is quite drastically different from 5th place table tennis, at $12.4 million. Make sure that in your sportsbook, you also track which sports are popular among your players. This is a great piece of information to have as you can easily plan your marketing efforts to maximize your potential to earn from sports betting.
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