Colorado Sports Betting Soars to $554.9 Million in October
Date: 2023-12-13 Author: Dima Zakharov Categories: SPORTS BETTING, GAMING
Colorado's Sports Betting Thrives in October
In a remarkable turn of events for Colorado's sports betting industry, the state's Division of Gaming has unveiled the astounding success of October, reporting a total handle of $554.9 million. This substantial figure represents a remarkable 5.4% month-on-month surge, signifying the state's enthusiasm for sports betting.
Mobile Betting Takes Center Stage
One striking trend in October was the dominance of mobile wagering, which accounted for a staggering $550 million of the total bets placed within the state. In contrast, retail sportsbooks reported a more modest handle of $4.4 million, underscoring the preference of Coloradans for online wagering.
Top Betted Sports
Professional football and basketball emerged as the top two most favored sports, with a total of $185.2 million wagered on professional football, $51.8 million on NCAA, and $63.39 million on basketball in October. Parlay bets also gained significant popularity, accounting for $117 million of the total bets.
Additionally, sports enthusiasts in The Centennial State wagered $38 million on baseball, $32 million on tennis, and $19 million on soccer.
Retail Betting Faces Challenges
Despite the overall success, retail sportsbooks faced difficulties in October, recording a loss of $90,005.41. In contrast, online sportsbooks achieved remarkable success, securing a staggering $47 million in gross gaming revenue (GGR).
Tax Contributions and Fixed-Odds Betting
The impressive October figures also resulted in significant tax contributions to the state, with a total of $3.35 million paid in taxes. Most of this tax revenue was generated by online betting operators, contributing $3.346 million, while retail operators paid a relatively modest $5,095 in taxes.
In other Colorado betting news, the state recently approved the trial of fixed-odds horse wagering for 24 months. This decision positions Colorado as the second state, after New Jersey, to allow such products. Fixed-odds horse racing enables customers to lock in their odds, offering enticing benefits compared to traditional pari-mutuel betting.
The greenlight for fixed-odds betting was well-received by industry leaders, such as Bally's, who see it as an opportunity to expand their audience. Furthermore, Fanatics Sportsbook recently launched in Colorado, following the acquisition of PointsBet assets, allowing them to leverage existing infrastructure.
As Colorado's sports betting industry continues to flourish, it is evident that mobile wagering is driving this growth, solidifying the state's position as a thriving sports betting market.
