The Colorado sports betting report for the month of October is now out, and it was another very successful month for sportsbooks and the state. With another massive haul in revenue, Colorado is now just the 10th state to go over the $1 billion mark in gross sports betting revenue.
Total sports betting handle for the month was $554.9 million, and nearly all of that came from the mobile sportsbooks in the state. This was the fourth straight month in which the total handle has gone up, and that’s a trend that sportsbooks hope to continue.
With another hold rate of more than 8%, sportsbooks in the state were able to post a revenue of nearly $47 million. Not only has sports betting been going up so far in 2023, but that revenue total was a 22% increase from the October 2022 total that was reported.
The total revenue for the month actually could have been even higher, but the retail sportsbooks in the state lost money. All of the retail betting is done at the casinos in the state, and bettors tend to fare much better when they are wagering in-person.
Football was the most popular sport to wager on in Colorado for the month of October, but the return of Denver Nuggets basketball also helped boost the numbers.
A Look at the Markets
The sports betting report from the state of Colorado is pretty detailed, and it paints a solid picture of what bettors are wagering on. Betting on the NFL accounted for over $185 million of the handle total, and there was more than $50 million wagered on college football as well.
Parlay betting continues to be popular throughout the United States, and that was true in this state as well. There was over $117 million wagered on parlays during the month of October, and sportsbooks won nearly 16% of those wagers.
Basketball accounted for $63.4 million in wagers for the month of October, and that was without any real college basketball action. That sport will continue generating a ton of action over the next few months, and sportsbooks are getting hammered with future bets on the Denver Nuggets.
Table tennis has continued to show up on the sports betting reports in Colorado, and it was back on for the month of October. Even though this sport generated just $11.2 million in wagers, that’s more than what is brought in by other states.
Massive Numbers For Colorado
Getting to more than $1 billion in gross sports betting revenue is a major accomplishment, as just nine other states have ever been able to pull it off. The retail betting handle has actually gone down significantly in 2023, but bettors are still using mobile devices.
Total sports betting handle is now over $4 billion in 2023, with nearly 99% of that action coming from online or mobile sportsbooks. Since the initial launch of sports betting, there has been over $14.45 billion wagered throughout the state of Colorado.
There are other markets that are currently bigger than this state, but Colorado is sitting in sixth-place in lifetime handle since 2018.
