Colorado’s Record-Breaking October Sports Betting Revenue

2021 has been a big year for the sports betting industry, with many states reporting record-breaking sports betting handles and revenue. Colorado recently became the latest state to report mile-high income in the month of October. As a result, Colorado is now the 6th state to reach $4 billion in all-time sports betting handle.

Colorado sportsbooks reported a total of $491.5 million in bets placed for October. Of that money, operators were able to keep $28 million in gross gaming revenue (GGR). The total bets placed were an increase of 20% over the amounts seen in September. The total GGR for October broke the previous record of $23.1 million that was earned this past January.

The increase becomes even more apparent when you compare this October to last year. In October of 2021, Colorado saw an increase of over 50% in its sports betting handle compared to October of 2020. State officials also reported a record in sports betting proceeds.

Revenue by Sport

October is a big month for American professional sports because it is one of the only months where the three biggest sports are all playing games. As a result, it is no surprise that many states have reported record-breaking numbers for both sports betting handles and GGR.

For Colorado, professional football is the main breadwinner for individual professional sports. Bettors placed a total of $171.2 million in bets on NFL games alone. This accounts for 34% of Colorado’s total monthly sports betting handle. Of that handle, sportsbooks were able to keep over $6 million in earned revenue.

Pro baseball and basketball account for the second and third-biggest individual sport portions of the sports betting handle and GGR in October. Players wagered $37 million in total bets on baseball, and sportsbooks raked in $3 million in total GGR. Bettors wagered more on basketball, $63 million in total, but operators were only able to bring in $2 million in earnings.

Rounding out the top five are hockey and table tennis. Hockey bettors placed $13 million in total bets, and sportsbooks were able to earn over $1 million in GGR. Outsiders may be surprised to see table tennis in the top five, but it is quite popular in the Rocky Mountain state. In October, bettors wagered a total of approximately $10 million, and over $420,000 of that was collected by bookmakers.

Wide Variety of Sports Betting Options

Colorado’s success with sports betting has been on par with the dozens of other states to legalize the industry in recent years. Sports betting became legal in Colorado in May of 2020, and many casinos in the state were quick to take advantage. Bettors have plenty of options to choose from as all of Colorado’s three dozen casinos are eligible to operate their own sportsbooks. Colorado also allows both online and mobile betting options.

A large part of the recent boom in Colorado’s sports betting can be attributed to the use of mobile betting apps. Many casinos throughout the Rocky Mountain state have released their own mobile apps. As a result, Colorado is quickly moving up the ranks as one of the biggest operators in the sports betting industry.

Conclusion

The month of October saw many states shatter sports betting revenue records and Colorado is no exception. bettors placed a record $491 million in total bets. Colorado’s sports betting handle ranks 5th among states that permit the practice. Sportsbooks were able to cash in on the record sports betting handle by generating a total of $28 million in GGR. October’s GGR broke the previous record of $23.1 million set in January of this year.

The lion’s share of the betting handles and GGR came from fans betting on professional football. Bettors also wagered large total sums on baseball, basketball, hockey, and table tennis. With the MLB season officially over, it will be interesting to see if Colorado’s sports betting handle and GGR dipped, and by how much, in November.