Colorado has set a new gross gaming revenue record for October as the state reported an 11.6 per cent increase from the previous month.
Totalling $28.6m in GGR in October, the new record beats the amount previously set in January – $23.1m – and up from September ($22.7m) and an increase of 64.4 per cent from $17.4m in the same period last year.
“With such a packed sports schedule, sportsbooks clearly saw an opportunity to reach new customers in October,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayColorado.com. “Online operators have been aggressive in Colorado from the beginning, in part because the state has incentivised heavy promotional spending. That has limited tax revenue, but ideally more in tax receipts will come as the market grows.”
The record GGR total comes as Colorado fell just short of becoming the fifth US state to generate $500m in legal sports wagers in a single month in October.
The $491 million in wagers marked the second consecutive monthly handle record and produced a record high in revenue, giving Colorado its most lucrative month since launching in 2000, according to PlayColorado, which tracks the state’s regulated sports betting market.
“Five full weekends of the NFL and college football will always be good for sportsbooks, but for that to coincide with baseball’s postseason and the opening of the Denver Nuggets and Colorado Avalanche seasons made October a sort of perfect storm,” added Ian St. Clair, lead analyst for PlayColorado.com.
“Importantly, the base of sports bettors in Colorado continues to expand, and those bettors are wagering more than this time last year as they become more comfortable with in-game betting at online sportsbooks. Altogether it points to a bright future for the industry.”
Online and retail sportsbooks in Colorado accepted $491.5m in wagers in October, up 20.4 per cent from the record $408.3m in September, according to data released by the Colorado Division of Gaming.
October’s handle included $483.3m in wagers through online operators, as overall volume jumped 133.2 per cent from $210.7m in October 2020.