October Provides Colorado Second Best Sports Betting Handle Ever

In October, Colorado’s sports betting apps, along with the state’s retail providers, collectively contributed to over $550 million in wagers, marking the second consecutive month of reaching this milestone in the Centennial State.

In October, the sports betting providers in Colorado experienced their second-highest handle month and second-highest revenue month, as reported by the Colorado Department of Revenue.

Colorado’s sports betting handle reached several milestones, including exceeding $1 billion in gross operators’ revenues and becoming the 10th state to do so. In October, the state’s year-to-date handle surpassed $4 billion and its lifetime handle surpassed $14 billion, making Colorado the seventh state to reach that milestone.

$554.9 million October handle for Colorado

In October, Colorado sports betting apps and retail providers were overwhelmingly supported by Centennial State bettors, with the Colorado Department of Revenue reporting $554.9 million in sports bets. This marks the second-highest month for betting in Colorado, falling just short of the record set in January 2022 with $573.7 million in bets.

This also marks the eighth occasion that Colorado sportsbooks have exceeded $550 million in a single month.

In Colorado, sports betting saw an 8.2% increase from September, with $512.8 million generated, and a 5.4% improvement compared to October 2022, when $526.6 million was reported.

Colorado sports betting apps drove the vast majority of October betting activity in the state, with bettors capitalizing on promotions offered by Colorado sportsbooks. Nearly all of the $554.9 million in bets placed in October were made through online sportsbooks, with only $4.4 million coming from other sources.

In October, Colorado sportsbooks reached a lifetime handle of over $14 billion, making it the sixth-highest total for any state since the U.S. Supreme Court lifted the ban on sports betting in 2018.

Revenues check in as second best ever too

Colorado’s top sportsbooks saw their second-highest overall sports betting activity in October, as well as the second-highest revenue totals in the state’s history.

In October, Colorado sportsbooks reported gross sports betting revenue of $46.9 million, the second-highest month on record after September 2022 when profits reached $51.3 million. This represents a 3.5% increase from September and a significant 28.5% increase from October 2022, which saw profits of $36.5 million.

Online sportsbooks generated $47 million in revenue, while Colorado retail sportsbooks ended up with a $90,000 deficit.

In October, adjusted gross revenues totaled $33.1 million after accounting for promotions and deductions, resulting in $3.4 million in taxes collected for state and local tax funds that support those in need.

As previously stated, the gaming revenues in October pushed Colorado’s lifetime total over $1 billion.

Football dominates

Unsurprisingly, football was the top choice for sports betting in Colorado, making up a record $185.2 million, or 33% of the total handle. Parlays were also extremely popular, bringing in an all-time high of $117.1 million. Basketball followed closely behind with $63.4 million, making up 11.4% of the total sports betting action in the state.

New operators to the Colorado scene

In recent months, the Colorado legal sports betting industry has experienced significant upheaval. Two new providers, DraftKings and FanDuel, have entered the market to compete with the leading names in the broader U.S. industry.

ESPN BET was launched on November 14, and Fanatics Betting and Gaming recently replaced PointsBet in the state.

All eyes will be on the Colorado market to see if the new providers can compete with FanDuel and DraftKings and make an impact on their market dominance.