NCAA Performs Poorly in Colorado
Author:
Megan Butler
In September, the resurgence of the National Football League (NFL) provided a boost to Colorado sportsbooks, driving a 14% YoY increase in handle to $512.8 million. This marked a significant 67% uptick from the $306.1 million wagered in August. Despite the heightened activity, gross gaming revenue (GGR) dipped to $45.3 million, falling short of the previous record.
In September, the return of the National Football League (NFL) proved to be a huge plus for Colorado sportsbooks, generating a 14% YoY increase in handle to $512.8 million.
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Over $500 Million Was Bet on Online Sports in Colorado in September 2023
Colorado’s sports betting landscape witnessed a dynamic shift in September as the National Football League (NFL) returned to action, injecting vigor into the market. However, the resurgence of college football brought forth challenges that impacted the overall financial landscape for sportsbooks.
The handle in Colorado exhibited a robust performance, marking a 14% year-on-year increase to reach $512.8 million. This surge reflected a notable 67% upswing compared to the $306.1 million wagered in August of the same year. The enthusiasm around NFL action played a pivotal role in driving the heightened sports betting activity.
Despite the optimistic handle figures, the gross gaming revenue (GGR) experienced a dip, settling at $45.3 million. This decline was in contrast to the $51.3 million generated in September 2022. The primary culprit behind the GGR downturn was the challenging landscape of NCAA football, which saw sportsbooks barely breaking even after payouts to players. In the previous year, sportsbooks had enjoyed around $4 million in profits from NCAA football during the same period.
The total win percentage for sportsbooks during September was 8.8%, a noticeable decrease from the 11.4% recorded in September 2022. This shift underscores the nuanced dynamics of sports betting profitability.
Breaking down the betting channels, online wagers dominated, accounting for $507.9 million, while retail sportsbooks facilitated the remaining $4.9 million. The online sector experienced a commendable 14% year-on-year growth, emphasizing the continued preference for digital betting platforms. As Colorado sportsbooks navigate the intricacies of both NFL and NCAA football dynamics, the industry remains resilient in adapting to the evolving landscape, anticipating further shifts in the coming months.
NFL Was the Most Popular and Well-Performing Sport in Colorado
In the heartland of the Denver Broncos, NFL football emerged as the dominant force in sports betting, capturing approximately 30% of the total wagering activity. The gridiron action drew a substantial $157.4 million in bets, showcasing a notable uptick from the $145 million wagered in the corresponding month the previous year.
Following closely in the rankings, baseball claimed the second spot in terms of betting expenditure. Players engaged in the sport, contributing a total of $78.2 million to the overall handle. NCAA football secured its position in the wagering hierarchy with a respectable $69.5 million handle, while parlay wagers garnered significant attention, amassing a total spend of $99.3 million in August.
The total net sports betting proceeds for the period reached $32.5 million, indicating a modest increase from the $31.7 million reported in September 2022. This steady growth underscores the consistent appeal and financial dynamics of the sports betting landscape in Colorado.
In recent developments, Elys Game Technology has strategically entered the Colorado market through a market access agreement with Caesars Entertainment. This agreement marks Elys’ foray into the North American mobile sports betting arena, expanding its reach and influence.
Under the terms of the partnership with Caesars, Elys is poised to introduce its SportBet.com brand to the Colorado audience. The launch, however, is contingent upon securing regulatory approvals within the state. Utilizing the advanced 5D by Elys technology, SportBet.com aims to provide Colorado players with a diverse array of betting options, enhancing the local sports betting landscape. As Elys prepares to make its mark in Colorado, the state’s diverse sports betting preferences and the strategic positioning of key players underscore the ongoing evolution of the market, promising continued engagement and growth.
NCAA Rolled Out E-Learning Module in October 2023
In a strategic and forward-thinking move, the National Collegiate Athletic Association (NCAA) introduced its pioneering sports wagering e-learning module in October 2023, marking a pivotal step in addressing the intricate landscape of sports wagering within the realm of college athletics.
This educational resource, available at no cost, is meticulously crafted to equip student-athletes with a comprehensive understanding of the potential ramifications associated with sports wagering. Through a dynamic learning approach, the module integrates information, real-world scenarios, interactive Q&A segments, and a curated collection of resources. In the development phase, the NCAA collaborated extensively with current and former collegiate athletes, along with academic leaders, ensuring that the content remains relevant, insightful, and engaging.
Encompassing a diverse array of crucial subjects, the module delves into areas such as problem gambling awareness, the preservation of sporting integrity, adherence to NCAA regulations, and the nuanced challenge of addressing issues like social media harassment. Noteworthy is the incorporation of sessions featuring prominent figures, including Zaire Franklin, a current NFL player with roots as a Syracuse football student-athlete. Complementing his insights are perspectives from Mikala Hall, renowned for her contributions to basketball during her tenure at Central Michigan, and Joshua Butler, a football standout at Sioux Falls. Their participation injects a valuable layer of real-world experience into this groundbreaking educational initiative.
The NCAA’s commitment to fostering a responsible and informed approach to sports wagering among student-athletes is underscored by this initiative. By offering accessible and relevant educational tools, the association aims to empower the next generation of athletes to navigate the evolving landscape of sports wagering responsibly, preserving both their academic and athletic pursuits.
NCAA Pushed for New and Stronger Safer Gambling Laws in October 2023
In the wake of the 2018 repeal of the Professional and Amateur Sports Protection Act (PASPA), the National Collegiate Athletic Association (NCAA) is intensifying its call for a comprehensive reevaluation of existing gambling regulations in U.S. states. The focus is on fortifying measures that not only protect the well-being of student-athletes but also uphold the integrity of collegiate sports competitions.
While a notable 38 states have embraced diverse sports betting laws post-PASPA, the NCAA underscores that the current landscape may not uniformly prioritize the safety and integrity of college athletes. In response, the association is championing the infusion of updated laws and has meticulously outlined legislative provisions that it recommends states integrate into their regulatory frameworks.
The proposed provisions serve a multifaceted purpose, encompassing the protection of NCAA players, coaches, officials, and college staff from potential issues such as harassment and problem gambling. Moreover, these measures are crafted to elevate the safeguards in place to maintain the untarnished integrity of college sports. Acknowledging that some states have already implemented aspects of these recommended provisions, the NCAA emphasizes the critical need for a consistent, nationwide adoption to ensure a standardized approach and, most importantly, to safeguard the welfare of student-athletes.
In navigating the dynamic landscape of sports betting, the NCAA is positioning itself as a vocal advocate for a harmonized and robust regulatory framework that not only fosters fair play but prioritizes the holistic protection of those central to the collegiate sports ecosystem.
