For the fifth consecutive month since its May launch, sports betting in Colorado set a record in terms of monthly handle. The Dept. of Revenue on Monday released its October report, showing a handle of $210.7 million.
The total was sightly more than $3 million better than September’s handle of $207.7 million, and Colorado became the fifth state to post back-to-back monthly handles exceeding $200 million for September and October.
The sportsbooks across the Centennial State fared better in October than September, generating a combined revenue of $17.4 million — an increase more than four times September’s total of nearly $4.2 million. October’s total accounts for more than 43% of the $40.3 million in revenue generated in the first six months of legalized sports wagering.
The hold was 8.26% for October, a substantially higher win rate compared to 2.01% in September. That resulted in $824,700 pouring into the state’s tax coffers, which was approximately $10,000 more than the taxes collected over the first five months combined since the state began accepting legal wagers May 1.
The Department of Revenue collected less than $70,000 in taxes in September, with the previous best month reported in July at just under $242,000.
Numbers, numbers, numbers
Remote registration continues to be a huge benefit for bettors in Colorado as 97.97% of the handle was generated through online or mobile wagers. While the percentage was down slightly from September’s 98.19%, the actual dollars in mobile handle — slightly more than $206.4 million — climbed 1.25% from last month.
The Department of Revenue does not break out mobile handle generated by each operator, and there are currently 15 mobile/online operators in Colorado, including FanDuel, DraftKings, BetRivers, and FOX Bet.
NFL betting was the primary driver of October’s handle, generating just shy of $68 million, and parlays remain a huge draw for bettors, who made nearly $37.2 million in such plays. Those two offerings accounted for nearly $13.5 million of the revenues collected by operators, with the books posting a 21.99% hold on parlays to collect nearly $8.2 million. That was more than double the September revenue generated from parlays, which was $3.9 million on nearly $28.2 million wagered.
Baseball was the second-most popular sport in terms of handle at $23 million, followed by college football ($16.5 million), and basketball ($12.7 million). The state’s eccentric love affair with table tennis continued — the sport not only held steady in fifth place for wagering on all sports but there was a staggering 73.8% increase in handle month-over-month to $9.3 million in October.
The catch-all “other” category generated $28.5 million in handle, an increase of 37.6% from September’s total of $20.7 million.