- Colorado saw a 91.5% increase in tax revenue month over month in October.
- Colorado took in $824,700, the most in tax revenue since sports betting launched in May.
- The majority of the sports betting activity came from wagers on football.
DENVER – Colorado has continued to see major success in its legal sports betting market. The Centennial State saw a record high in sports betting tax revenue in October.
Online sports betting continues to be the main catalyst for the thriving sports betting market. More than 90% of wagers were placed online and mobile sportsbooks.
Colorado sports bettors wagered mostly on football in October. With the NFL season in full swing, it’s understandable why that took the bulk of the action.
Colorado Sports Betting Thrives
The sports betting revenue numbers have continued to increase steadily in Colorado since its launch in May of 2020, culminating to October being the single biggest revenue month so far.
Per the official revenue reports, over $210.7 million was wagered on sports in October. Online and mobile betting is responsible for the largest chunk of betting activity, with more than $206.4 million bet online.
Retail sportsbooks took in $4.28 million, showing that sports bettors in Colorado prefer to place action at sportsbooks online. This could possibly be due to the coronavirus pandemic still running rampant in many markets. In total, $210,719,821 was wagered on sports in October and sportsbooks kept $17.4 in gross gaming revenue.
In terms of sports betting tax revenue, the Centennial State took in $824,700 in October. This is a 91.5% increase from September.
Football was the most wagered on sport, responsible for over $67.9 million in wagers. Those betting on the NFL were very active in the first weeks of the season.
Top 10 Sports By Total Wagers
Football – Pro American $62,664,501.91
NCAA Football $16,010,628.30
Table Tennis $8,855,782.54
Hockey – Ice $1,202,825.01
With the continued NFL season and college football betting continuing, it is understandable that football will continue to dominate sportsbooks in Colorado through the end of the year.
Sports bettors in Colorado have allowed the legal sports betting market to consistently boom, with no signs of slowing down.
News tags: Colorado | Colorado Department of Revenue’s Division of Gaming | Denver | Revenue | sports betting
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.