Colorado Sports Wagering Handle, Tax Receipts Notch Records in October

Colorado Sports Wagering Handle, Tax Receipts Notch Records in October.

Costfoto / NurPhoto / Getty Images

Key Takeaways

For the sixth consecutive month, Colorado s sports betting handle hit all-time highs in October, and tax revenue finally went along for the ride.

Colorado BettingThe Denver Broncos aren t very good. Fortunately, the opposite is true for Colorado s sports betting numbers. (Image: Associated Press)

In the tenth month of 2020, the total amount wagered on sports online and at the Centennial State s retail sportsbooks rose to $210.71 million from $207.65 million in September, according to data released Monday by the Department of Revenue.

In October, the total taxes collected was $824,700, representing a 91.5 percent increase over September 2020 and the largest amount collected since legalization in May 2020,” said the revenue department in a statement.

That comes after net sports betting product (NSBP), , was -$3.39 million in September.

Football Does the Heavy Lifting

Data confirms the aren t deterring Colorado bettors from action on the NFL. It s also clear gamblers there are capitalizing on the state s rapid adoption of online and mobile wagering platforms.

In October, NFL wagers accounted for $67.98 million, or 32.3 percent, of the Centennial State s handle. Of that total, $65.89 million was placed online or via mobile devices. Major League Baseball (MLB) checked in at $23.04 million, or 10.9 percent of the overall handle. College football was third among individual sports at 7.8 percent, but at 17.6 percent, parlays topped everything but the NFL.

The data confirms something else. Colorado gamblers are just like their counterparts in other states in that the NFL is their favorite sport to bet on. Second, the arrival of the 2020 professional football season is a boon for state coffers.

The Centennial State s timing in launching regulated sports betting was , doing so at the height of the coronavirus sports shutdown. As a result, international table tennis was the most wagered-on sport in the state for several months.

Online Really Matters

Some states initially allow wagers to be placed at brick-and-mortar sportsbooks and drag their heels on permitting online betting. isn t in that camp, explaining to enter the market.

The state allowed gaming companies to rapidly roll out online and mobile sports wagering platforms, and that accommodative stance is paying dividends.

Last month, total gross gaming revenue (GGR) from sports betting was $17.40 million, while NBSP was $9.64 million. Of those tallies, $16.72 million and $8.97 million, respectively, were generated online. Of the $824,700 in taxes collected by the state, $757,614 was attributable to online sportsbooks.

The Department of Revenue doesn t break out operators by GGR or handle in the monthly data. But Caesars, Circa Sports, DraftKings, FanDuel, Monarch Casino, and Penn National Gaming are among the gaming companies with footprints in the Centennial State.

Article Sources
Iowa Casino Gaming Making Bank, ‘Significant’ Contributor to State Revenues in 2018 editorial policy.
  1. Atlantic City Casino Workers Discuss State of Their Health as Gov. Gives State of the State

Compare Accounts
×
WNBA Season Preview: Trade for Cambage Makes Las Vegas Aces League Favorites
Provider
Name
Description
Century to Close Canadian Casinos, Sees ‘Adverse Impact’ From COVID-19 in 2021 First Half  Portugal’s Online Gaming Industry Registers Growth of Almost 9 Percent  Real-Money US Gaming Apps May Post on Google Play Store Starting Monday  Small Casinos Remain Ineligible for Coronavirus Relief in SBA Payroll Protection Program  Genting Hong Kong’s Fate to be Decided By German Court Monday  Bellagio Halts Fountain Shows After Rare Bird Lands in Fake Lake  Illegal Casino in Godoy Cruz, Argentina Shut Down by Police  Bellagio Halts Fountain Shows After Rare Bird Lands in Fake Lake  Full House Stock Could Be Royal Flush for Investors  Tiger Woods Talks Sports Betting, Loses Poker Charity Event to NBA Superstar Russell Westbrook