Colorado sportsbooks generate $210m handle in October

The record sports betting handle meant revenues grew by 314.2 per cent during October.

US.- Sportsbooks in Colorado brought in $210m in bets for the month of October, according to the Colorado Department of Revenue.

The record handle contributed to 314.2 per cent growth in gross gaming revenue month-on-month, up from $4.2m in September to $17.4m in October.

Online betting was the main source of revenue, accounting for 98 per cent of total wagers at $206.4m.

The increased activity on the state’s sportsbooks was driven by the major national sports leagues, with $68m bet on National Football League games.

Jessica Welman, an analyst from PlayColorado, said: “October’s data shows that Colorado’s market is able to thrive even as the sports schedule normalizes and is able to overcome a local team struggling, such as the Denver Broncos.

“Another sign that the market is marching toward maturity is that DraftKings and FanDuel have firmed up their market leads in the state, something we’ve seen in every legal market that has launched since 2018 while attracting a large number of competitors to push innovation in the market.

Sports betting was introduced in Colorado on May 1. DraftKings and FanDuel launched their sportsbooks the same day, along with BetRivers. Fox Bet launched theirs later the same month.

When voters approved sports betting in Colorado, it was estimated it would bring in US$30-40 million in annual tax revenue to the state, mainly to be destined to water projects.

In October, the state’s tax receipt came to $824,700 for both online and retail sports betting.