Like many other states across the country, Colorado benefited from an extra weekend of college football and NFL. Colorado saw its highest handle since the inception of the sports betting market in the state, which commenced on May 1, 2020.
Colorado’s Sports Betting Handle Sets a New Record in October Because of Football
After the Colorado Division of Gaming released its numbers, Colorado’s sports betting handle was very close to reaching the $500 million mark. Sportsbooks that operate in the Centennial State accepted $491.5 million in wagers. The former record was set in September as sportsbooks brought in $408.3 million.
Colorado is on pace to start an unbreakable streak as October noted that it was the second straight month the state recorded a handle that surpassed the $400 million territory. October’s sports betting handle also signified a 20.36 percent increase in a month. When comparing the year-to-date numbers, the numbers are up 133.23 percent as October 2020’s figures hit $210.7 million.
Last year the numbers for the whole sports betting industry were down this point in time due to the pandemic. Numerous sports events were canceled or pushed back for another time.
This October, nearly half of the sports betting handle came from bettors investing most of their time in college football and the NFL. Football bets were 45.4 percent of the wagers in the state.
Colorado did improve in the revenue category for the month as the state received 1.2 million in taxes. The previous record was set back in January, with the state taking home $1.19 million in taxes.
After coming close to setting the gross gaming revenue in the state’s history with a respectable 22.7 million mark in September, the record was finally broken in October.
The previous gross gaming revenue also took place in January, as the numbers showed $23.1 million. October’s figures quickly surpassed the record as it hit $28.6 million, setting a new all-time high in its history. More than 40 percent of the revenue came from parlays.
Colorado became the ninth state in the sports betting industry to post total monthly revenue of at least $25 million. This resulted in a 5.82 percent hold for the sportsbooks that operate across the state. This notes a slight improvement from September that was slated at 5.55 percent.
When comparing the net betting proceeds in October and the previous month, October’s amount couldn’t be matched as the profits were $9.8 million versus $1.8 million in September. The net betting proceeds record is still standing as January’s numbers are $11.7 million.
Despite the Denver Broncos having an underwhelming record of 1-4 in October, bettors in the state still directed most of their attention to football. Bettors placed $171.2 million in October and $51.97 million on college football. The NBA brought in $63.3 million in wagers, securing the second position.
Playoff baseball brought in $37.38 million, and soccer rounded out the top five with $15.81 million in wagers. Surprisingly, table tennis followed with $10.3 million in bets.
Another Online Sportsbook Operator Looks to Establish a Share in Colorado
Colorado joined an elite group as it became the sixth state to surpass the $4 billion mark regarding the sports betting handle in the post-PASPA era by reaching the mark in eighteen months. Ninety-eight percent of the bets were placed on an online platform, and two percent were placed through a retail sportsbook.
All the wagers were placed through 25 mobile sportsbooks and 17 retail sportsbooks. This may just be the beginning for the state as another reputable sportsbook will compete in the market. Online operating bet365 received a temporary license to operate within the state’s borders.
Bet365 will be granted full approval pending a background investigation. If approved, bet365 will be the 26th online sportsbook operator in the state.