Colorado sports betting market is heating up, with the state reporting its second-highest monthly handle ever in October. According to figures released today by the Colorado Department of Revenue, the state’s retail and online sports betting sites took in $526.6 million in wagers last month, which only trails the $573.7 million reported in January 2022, but it still represents a big jump from September’s total of $$450 million.
Colorado Sports Betting Performance
The news comes as no surprise to those who have been following the growth of legal sports betting nationwide. Coloradoans’ sports bets increase by 17% compared to September results and 7.1% better compared to last year’s figures.
October was a remarkably successful month for bettors, with a 6.93% hold rate that was well below September’s mark of 11.4%. Mobile sports betting hold drops from 11.4% to 6.9% while retail wagers fall from 14.3% to 5.5%.
This resulted in a 28.9% decline in Gross Gaming Revenue (GGR), with only $36.5 million, well below September’s $51 million. Taxes are also down from $3 million in September, to $2.3 million for October.
Football Betting Still on Top
Though baseball typically dominates the October sports-viewing month, this fall the NFL prevailed in Colorado. NFL games attracted the highest wagering handle of any sport within all of Colorado’s retail and online sportsbooks, despite the MLB Playoffs hitting their peak during this time as well. Football accounted for 32.6% while baseball settles for 8.0%.
Parlays and Combinations also do a heavy lift with 17.5% of the total wagers. Basketball wagers come next, accounting for 16.3% while, college football wagers accounted for 9.6% of the total handle.
Online sports betting continues to be the premier choice among bettors, with an astounding 99.1% of the handle and 99.3% of the revenue coming from online sportsbooks. College football had the best return rate for players, with more profits made than losses taken in.
Meanwhile, parlays had a desirable hold rate for sportsbooks, at 18.3%. All these statistics illustrate that online sports betting is still very much in vogue, and will likely continue to lead the way for future profits.