The Colorado Division of Gaming recently announced the sports betting report for the month of October. Other states throughout the country have been shattering records, and the state of Colorado was no different.
The total sports betting handle for the month of October was $491.4 million, pushing the state to a new record by more than $83 million. September was the previous record in October, but the $408.3 million that month was more than 20 percent lower than the new record.
The October 2020 sports betting handle came in at $210.7 million, and that also shows just how much growth this state has experienced in 12 months. Colorado established itself as a sports betting leader early on, and it just continues to put up some impressive numbers.
New Jersey and Nevada both went over the $1 billion mark for sports betting handle during the month of October as they are the clear leaders in this industry. Colorado should finish inside of the top seven in terms of betting markets for October after all of the numbers are announced.
Hardly Any Retail Betting
One consistent trend in Colorado has been the lack of retail sports betting since this industry launched. There are three gaming towns in Colorado that offer retail betting, but bettors continue to flock to the mobile sportsbooks.
The mobile handle for October was $483.3 million, which made up more than 98 percent of the total for the month. This mobile handle also set a state record, and it’s one that should continue to fall in the coming months in 2021.
Other states throughout the U.S. also have sports betting dominated with online sportsbooks, but hardly any see such a large percentage of online wagers.
Revenue, Taxes Also Set Records
Getting more action at the sportsbook is always a good thing, but the state of Colorado really cares about
the tax revenue that is generated. October sports betting generated $1.2 million in tax revenue for the state, which broke the previous record of $1.19 million.
The gross gaming revenue for October was $28.6 million, which was also a new state record. Sportsbooks throughout the U.S. reported massive wins from the NFL in October, and that was seen in Colorado as well.
Pro Sports Lead the Way
The NFL will get a majority of the credit for pushing the Colorado sports betting industry to new heights in October, but it was the other sports that helped to set a record. October is the only month of the year in which all four of the major professional sports in the United States are in action.
The NFL brought in more than $171 million worth of wagers in October, and the NBA was next on the
list with $63 million. Denver is home to both the Broncos and Nuggets, and both teams have a large following throughout the state.
College football was actually next on the list with more than $51 million in wagers. Football will be expected to carry the total for November when those figures are announced.
