Colorado Reports October Handle of $554.9M Underpinned by Mobile Betting

Colorado’s Division of Gaming has published data about the sports betting industry’s performance in October, reporting a total handle of $554.9 million. This figure notably represents a 5.4% month-on-month increase.

Mobile wagering dominated the sports betting handle and was responsible for over $550 million of the total bets placed in the state. In the meantime, retail sportsbooks recorded a handle of $4.4 million, attesting to Coloradoans’ preference to wager online.

The top three most bet on disciplines were professional football and basketball. For reference, Coloradoans wagered a total of $185.2 million on professional football, $51.8 million on the NCAA and $63.39 million on basketball in October. Parlay bets were also very popular, amounting to $117 million of the total bets placed.

In the meantime, players in The Centennial State wagered $38 million on baseball, $32 million on tennis and $19 million on soccer.

Retail Betting Lost Money in October

The aforementioned handle translated into a total sports betting gross gaming revenue (GGR) of $46.9 million. A whopping $47 million was won by the state’s online sportsbooks. In the meantime, retail sportsbooks recorded a loss of $90,005.41.

In October, sports bettors won back $507.9 million. Online bettors received $503.4 million in payments. Retail bettors, on the other hand, secured $4.52 million in winnings, exceeding the total amount wagered.

October also saw Colorado’s sportsbooks pay $3.35 million in taxes to the state. Most of this came from the state’s online betting operators which provided $3.346 million of the total taxes. Retail operators, meanwhile, only paid $5,095 in taxes.

Colorado Okayed Fixed-Odds Betting for 24 Months

In other Colorado betting-related news, the state just greenlit the trial of fixed-odds horse wagering in the state. The measure was voted in November and will allow gambling companies to offer fixed odds products to consumers in the state. This makes Colorado the second state besides New Jersey where such products are allowed.

Fixed-odds horse racing allows customers to lock in their odds, poising them to benefit from some very beneficial offers. Unlike traditional pari-mutuel betting, fixed odds do not change based on betting volume.

Colorado’s decision to greenlight fixed-odds betting was praised by Bally’s, which believes that this would allow the state’s industry to capitalize on an expanded audience of fans.

In the meantime, Fanatics Sportsbook just launched in Colorado. The move followed the acquisition of the PointsBet assets in the state, allowing Fanatics Sportsbook to use the infrastructure that was already in place.