Colorado’s sports bettors dramatically increased their wagering handle in September but the state’s share of this action shrank due to operators’ overly generous online bonus offers.

Figures released Friday by the Colorado Department of Revenue’s Division of Gaming show the state’s licensed bookmakers generated betting turnover of over $207.6m in September, up 61% from August’s total and a new record for the market.

Sadly, while betting revenue totaled just under $4.2m, the state’s share came to less than $70k as the $3.76m in gross online betting revenue was offset by -$3.79m in ‘net sports betting proceeds,’ meaning the only taxable revenue was the $394m brought in by the state’s retail sportsbooks.

The report doesn’t state as such, but the online negativity is presumably the result of operators’ loss-leading bonus offers to bettors who may only now be activating wagering accounts in tandem with the kickoff of NFL action. A similar dynamic played out in Pennsylvania earlier this week.