Football has been the driving factor in sports betting records during the fall. Since professional and college football has joined sportsbooks, the number has risen dramatically. Additionally, football has been combined with the other major sports like hockey, basketball, and baseball, making handles go through the roof.
There are many states achieving large handles, and one is Colorado. Colorado’s sports betting market is still relatively young, but it’s establishing itself as a force in the United States. The state set a record handle in September and then followed it up with another best in October.
The intersection of all the major sports played a reason for the massive handle. Additionally, mobile betting stole the show during the month, accounting for 98% of the bets. Based on the trend in Colorado, it would not be surprising to see another record in November.
However, no matter what happens in November, the fall has been very lucrative for the state’s sports betting market.
The October Handle
Colorado smashed its previous record in September with a handle of $408.3 million. Projections had the state increasing its handle in October, but the 20.4% spike was unexpected. The October handle came in at $491.4, according to the Colorado Department of Revenue’s Gaming Division.
The growth between months was impressive. However, the yearly increase is significant because it exceeded 100%. In October of 2020, the handle was $210.7 million, so the yearly increase was set at 133.2%.
In October 2020, COVID-19 was still a problem in the state. The vaccines were not available, and sports were limited. This compressed the number of bets, but it should still not take away from the impressive growth.
Colorado was one of many states to shatter bests during the month. New Jersey, which has set the standard in legal sports betting, led the market with two consecutive months posting over $1 billion handles.
Nevada also took home a $1 billion handle for the first time in state history. The $1 billion mark is no longer crazy in legal sports betting, and more states should start hitting this standard. Pennsylvania is one state trending in the correct direction to hit $1 billion. When New York legalizes mobile sports betting, the Empire State also has the foundation to be a major contender for $1 billion in bets.
Mobile Sports Betting and Major Sports
Mobile sports betting is the main way people place bets in the country. Mobile betting is very easy and more accessible than going to a retail sportsbook. However, not all states have access to mobile betting.
Nevertheless, Colorado does not have a mobile betting issue as 98% of bets were placed on phones during the month. The October mobile handle was $483.3 million in the state, up 20% from September’s $402.7 million.
The yearly growth on mobile devices was 134.1% in October. The 2020 number was $206.4 million. The large handle occurred in one of the best months for sports in the United States.
October is the month when playoff baseball occurs, and football is starting to find a rhythm. Additionally, the NBA and NHL also begin their seasons. There are five major sports teams in CO across every league, so it helps drive people to sportsbooks and bet on a variety of competitions.
Pro football betting led the handle with $171.2 million. Basketball was second with $63.3 million, and then college football was third with a $51.9 million total. Baseball, soccer, and hockey rounded out the final spots.