Colorado Sets Sports Betting Handle Mark in October at $210M

Colorado Sets Sports Betting Handle Mark in October at $210M

Colorado’s sports betting handle for October nudged upward by $3 million compared to September but that was enough for the nascent market to again reset its monthly record.

The state recorded $210,719,821 in sports betting revenue, up 1.5% from September’s mark of $207,655,943.

The mobile sports betting handle of $206,441,154 was up 1.3% from September ($203,882,793) and also set a record for Colorado, according to the Department of Revenue’s monthly figures.

RELATED: More on Colorado sports betting and gambling

Colorado took in $824,700 in sports betting taxes for October, by far the most since the state’s online market launched this spring. The high mark for taxes had been $241,867 in July; in September that figure was just $69,772.

October’s gross gaming revenue (GGR) was $17,402,409, up a whopping 317.7% from September ($4,166,334) and setting another state record, more than doubling the $7.5 million from August.

Football Leads, Surprise Sport Stays in Top Five

The top five sports in October handle were: Pro football ($68 million), baseball ($23M), college football ($16.5M), basketball ($12.7M) and table tennis ($9.3M). Table tennis has retained a high level of interest that was sparked in May, the first month of legal sports betting in Colorado, when there were few other sports going on because of the COVID-19 pandemic.

“Other” sports accounted for $28,514,954 in handle in October and $37,171,815 was wagered on parlays.

More mature online sports betting markets such as those in New Jersey and Pennsylvania are seeing about 90% of their action arrive via mobile, but Colorado is surpassing even that. Online betting in Colorado was $206,441,154 in October and retail just $4,278,668, meaning 98.0% of wagers were placed online.

Colorado Sports Betting, October vs. September

Total Handle Mobile HandleRevenue (GGR)
October$210.720M$206.441M $17.402M
ChangeUp 1.5%Up 1.3% Up 317.7%

Records Falling All Over U.S. Market

The $210 million wagered on sports betting in Colorado helped the U.S. market surpass $2.8 billion combined for the month, with Illinois yet to report. Among the notable sports betting handle totals, all state records:

  • New Jersey set a national record with $803 million. In consecutive months, The Garden State became the first state ever to surpass $650 million, the first to exceed $700 million and the first to top $800 million.
  • Nevada set a state record at nearly $660 million, beating the $614 million recorded in November 2019.
  • Pennsylvania surpassed $500 million for the first time with its total of $525,802,524. Like New Jersey, the Keystone State has broken its own record three months in a row.
  • Indiana posted $230.9 million in sports betting handle, staying just ahead of Colorado.

Other states breaking their records in October included Iowa ($81.9 million), Mississippi ($61.2M), Rhode Island ($34.7M) and Oregon ($29.5M).

Operators are continuing to enter the Colorado market, a natural spot for expansion considering the wealth of pro and college sports in Denver alone. PointsBet, an Australian company that is building its U.S. headquarters in Denver, launched its Colorado online and mobile sports betting platform this month. And top German company Tipico announced a deal for its online sports betting product along with Century Casinos.

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