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Perhaps not surprisingly, a record October enabled Colorado to join the ranks among the top US states in sports wagering handle.
Colorado collected over $210.7 million in wagers, focused heavily on bets from NFL and NCAA college football plus combinations or parlays, according to figures from the Department of Revenue’s Division of Gaming. Over $193 million in winnings were paid out to players as well.
While amassing their impressive total, Colorado moved past Indiana to land inside the top five overall nationwide online sports betting markets. Indiana took in $230.9 million in October. The top handle states for 2020 thus far include New Jersey, Nevada, Pennsylvania, and Illinois.
Sports bettors in Colorado have wagered $59.2 million in July, $38 million in June, $25.6 million in May, $128.6 million in August, and $207 million in September. The noticeable difference obviously buoyed by a complete US sports schedule that has included the major four betting sports in the key months.
Current proprietary estimates from gaming researchers Eilers & Krejcik Gaming and obtained by PlayColorado reflect that sportsbook leaders DraftKings Sportsbook and FanDuel have thus far captured the largest share of the Colorado market. Together these books have generated 84% of Colorado’s gross gaming revenue since the market launched in May.
According to the proprietary estimates:
Online wagering produced a staggering 98%, or $206.4 million of October’s total in Colorado, reflecting an increase from $203.9m and 98.2%, of September’s handle. All retail and online bets have provided $9.6 million in wagering proceeds for the state, a significant increase from a $3.4 million loss in September. October’s winnings also yielded $824,700 in taxes.
There were no new sportsbook operators joining the competition during October, however, that will change shortly. PointsBet began in early November. Also, Penn National Gaming’s Barstool brand app is expected soon after opening a Barstool sportsbook in November at the Ameristar Casino in Black Hawk, Colorado.
The best bet that Colorado will meet or exceed October’s numbers for several legitimate reasons.
New sign-ups will continue to occur as the wave of sports wagering popularity has not yet peaked. Also, with new sportsbook competitors joining the market, it is expected that more advertising and promotions will help drive increased action. However, those activities may see some fallout in monthly revenue as players will be utilizing their bonuses, promotion opportunities, etc.
Football will continue to lead the way during the month. The Denver Broncos along with the NFL will be the driving force. In October, the NFL attracted $68 million in action, up from $38.6 million in September.
NCAA college football, also popular in the state is fueled by home team betting including the University of Colorado, Colorado State, and Air Force. College football contributed a very respectable $16.5 million in October wagering.
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Larry Gibbs is both a seasoned journalist and a respected online gaming industry consultant. His wry commentary & sharp analysis have appeared in numerous top gaming and sports wagering publications. He has also served as Vice President of US Gaming Services, a marketing research organization with 15 years of experience in US online wagering. He has spoken at noted gaming industry conferences including G2E, GiGSE, and NCLGS.
Email: [email protected]
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