Colorado earned $491m in October wagers, marking the second consecutive monthly handle record. It also produced a record high in revenue, giving the Centennial State its most lucrative month since launching in 2000, according to PlayColorado, which tracks the state’s regulated sports betting market.
Ian St Clair, lead analyst for PlayColorado.com, commented: “Five full weekends of the NFL and college football will always be good for sportsbooks, but for that to coincide with baseball’s postseason and the opening of the Denver Nuggets and Colorado Avalanche seasons made October a sort of perfect storm.
“Importantly, the base of sports bettors in Colorado continues to expand, and those bettors are wagering more than this time last year as they become more comfortable with in-game betting at online sportsbooks. Altogether it points to a bright future for the industry.”
Colorado sportsbooks recorded $491.5m in October wagers, up 20.4% from September’s record $408.3m, according to data released by the Colorado Division of Gaming. October’s handle included $483.3m in wagers through online operators, as overall volume jumped 133.2% year-over-year (October 2020: $210.7m).
Gross gaming revenue was up 11.6% on the previous month to a record $28.6m (September: $22.7m) and up 64.4% YoY (October 2020: $17.4m). The previous revenue record was set in January ($23.1m).
Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayColorado.com, stated: “With such a packed sports schedule, sportsbooks clearly saw an opportunity to reach new customers in October.
“Online operators have been aggressive in Colorado from the beginning, in part because the state has incentivized heavy promotional spending. That has limited tax revenue, but ideally more in tax receipts will come as the market grows.”
Pro football was the most wagered sport during October with $171.2m (September: $125.8m). Basketball drew $63.3m, followed by college football ($51.2m), baseball ($37.4m), soccer ($15.9m), tennis ($14.1m), hockey ($13.2m), and table tennis ($10.3m).
St Clair added: “Five weeks of football are more than enough to overcome dampened enthusiasm from a disappointing Broncos stretch. With the Broncos bouncing back, and college basketball cranking up, wagering should remain high in the coming months, too.”