The Colorado Department of Revenue announced earlier this week the state has witnessed another surge in online and in-person sports wagering for the month of October. This makes for a sixth successive month of record-breaking betting in the Centennial State. Colorado joined the expanding family of states with legal sports betting back in November 2019 after the passage of Proposition DD.
The legal sports wagering industry kicked off at the beginning of May, with Coloradans spending the impressive $25.6 million during their first month of regulated betting, as was reported by the local Division of Gaming. These positive tendencies continued over the course of the following months. The state regulators announced bets in October have increased by 1.5% compared to September.
Colorado Punters Pocketed over $193 Million in Profits
The Division of Gaming, which is part of the Department of Revenue, revealed that local bookmakers have collectively racked up more than $210 million in sports betting handle. Nearly half of this amount, or around $100 million, was placed on popular sports like baseball, professional and college football. Punters from the Centennial State pocketed more than $193 million in profits, says the Department of Revenue.
Sports betting operators gained over $9.64 million in earnings after paying out the winners. This figure is nearly three times higher than the previously reported revenue. The state was not left empty-handed, either. The taxes it collected from the local sportsbooks in October increased almost twelve times compared to those from the previous month, escalating to over $824,000.
DraftKings and FanDuel Lead on the Online Betting Front
According to the boutique research and consulting company Eilers & Krejcik Gaming, residents of the Centennial State commonly prefer to take their action to established brands like DraftKings and FanDuel. The former accounts for around 46% of the local online sports wagering market, with a total of $18 million in gross gaming revenue (GGR) through October.
The figures for FanDuel are lower but nonetheless impressive. The sportsbook captured a slice of 38% in terms of GGR, with earnings of $15 million since the launch in May. Online betting is thriving in the state as it accounted for around 98% of the overall handle in October, or over $206 million, compared to the $203.9 million in September.
October saw no new additions to the Colorado online betting market but this is not to say competition is not coming. November saw the launch of PointsBet while Penn National is bracing for the release of its Barstool-branded application.
PlayColorado’s analyst Ian St Clair says the dominance of FanDuel and DraftKings leaves many smaller sportsbooks fighting for the remains of the Colorado market share. The local market is still young and has to sort itself out, Mr. St. Clair said.
Coloradans collectively wagered $38 million in June, over $59 million and $128 million in July and August, and $207 million in September. The $210.7 million reported for October earned the Centennial State sixth place on the chart of the biggest betting markets in the US. Colorado was outperformed by Indiana whose October handle was nearly $231 million.