Colorado saw record $491M in sports betting wagers last month

PROMO 64J1 Miscellaneous - Gambling Betting Sports Phone Computer - iStock - scyther5
Published Thursday, December 2, 2021
by Robert Davis | The Center Square contributor

(The Center Square) - Colorado saw a record-high sports betting handle of $491 million in October, according to recently released figures from the Department of Revenue (CDOR). 

The total represents a 20.3 percent increase from September and a 133 percent increase from October 2020, CDOR said in a news release. 

Mobile sports betting continued to account for most of the bets placed in the state, accounting for 98% of the total bets placed in October. 

"With such a packed sports schedule, sportsbooks clearly saw an opportunity to reach new customers in October," Eric Ramsey, analyst for the industry website PlayUSA.com, said in a statement. "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."

There are now 25 operational online sportsbooks in Colorado compared to 17 retail gambling locations, according to CDOR. Sports betting has been legal in the state since May 2020 after voters passed Proposition DD.

Colorado's gross gaming revenue was $28.6 million last month, up more than $6 million from September. This total is calculated by subtracting the total payments made to players from the gross wagers. The state collected more than $1.2 million in taxes from the revenue. 

American professional football continued to dominate the sportsbooks, taking in $171.2 million in bets last month and accounting for 34.8 percent of all bets placed, CDOR said. 

Basketball and college football were the second and third most popular sports to bet on in Colorado, collecting $63.3 million and $51.97 million in proceeds, respectively. 

Baseball and tennis rounded out the top five sports with total handles of $37.4 million and $14.1 million, respectively.

"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," Ian St. Clair, an analyst for PlayColorado.com, said in a statement. 

"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," he continued.

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The Kiowa County Press is an independent newspaper published in Eads, Kiowa County, Colorado, and to the world at KiowaCountyPress.net.


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