Since beginning operations on May 1 2020, legal sports betting in Colorado has been registering record months. Now, for a 6th consecutive month. sports betting handle in the Mile-High State hit an all-time high and finally, the state’s gaming tax revenues took a boost as well.
Breaking Down Colorado’s Sports Betting Numbers for October
Colorado recorded more than $210.7 million in sports betting handle for its highest ever month, up 1.5% from September’s result of $207.6 million. It was also the winningest ever month for Colorado’s sports bettors with $193.3 million being won in successful sports wagers.
The online sports betting handle alone of more than $206.4 million was up 1.3% from September’s $203.9 million and also set a record for Colorado, according to the Colorado Department of Revenue’s monthly figures.
As far as the state government’s coffers are concerned, that took the biggest boost yet from sports betting;
In October, “the total taxes collected was $824,700, representing a 91.5 percent increase over September 2020 and the largest amount collected since legalization in May 2020,” wrote the Revenue Department in a media statement.
That hit is a welcome result after the net sports betting revenue, was reported at -$3.39 million in September.
The Denver Broncos not affecting Colorado’s huge take on the NFL
One might have thought with the Denver Broncos not doing as well as we would have liked them to, that the Mile-High State’s take on NFL betting may have diminished somewhat. However, if anything, the opposite is true. NFL wagering is booming.
NFL wagers accounted for 32.3% of the Colorado Sports Betting Handle in October 2020, or in dollar terms, $67.98 million, $65.89 million of which was placed by online devices and PCs. Results of other sports and bet types in Colorado for October 2020 were as follows;
- Major League Baseball Betting – $23.04 million or 10.9% of the total sports betting handle.
- College Football – 7.8% of the total betting handle, or $16.5 million in dollar terms.
- Parlay bets made of 17.6% of total betting handle for the month.
- Bettors in the state also wagered $28.5 million on the ‘other sports’ category, which includes everything from NHL betting to UFC Fight Nights, NASCAR, EPL and other European Soccer Leagues and PGA Tour Golf.
Examining the states results, clearly, the unbeaten start to the Colorado Buffaloes College Football season has had an effect on the result tipping college football to new heights. According the leading sports betting industry analyst in Colorado, Ian St Clair;
“The jump in interest in college football shows how local interest can affect betting, and a bigger jump should be expected after the return of the Buffs,” said St. Clair.
“Otherwise Colorado is mirroring other major markets in that the NFL is king in the eyes of bettors” he concluded.
DraftKings winning the race in Colorado with FanDuel on their heels
St Clair went on to surmise (given that Colorado does not publish the results from the individual sportsbooks in its official betting handle and revenue reports);
“DraftKings appears to be winning the battle so far, but FanDuel is a force as the two jockey for the market lead. That leaves a lot of smaller operators fighting for the remainder of market share. Colorado’s market is still sorting itself out, though, and that could bring challengers to the dominance of the Big Two” he said.
No new operators launched in Colorado during October, however, more competition popped up in November, with even more on the way to follow. PointsBet launched in the Mile-High State earlier this month, and Barstool Online Sportsbook is expected soon after already opening a Barstool-branded bricks-and-mortar sportsbook in early November at Ameristar Casino in Black Hawk.