Analysis

Colorado breaking records – again

Sports betting in Colorado is truly picking up a head of steam, according to the latest data on wagering in the state.

Colorado is the latest state to show sports betting activity breaking records after data from October showed handle up 2% month-on-month to $211m.

The ranks the state as the sixth in terms of sports-betting handle behind New Jersey, Nevada, Pennsylvania, Illinois and Indiana.

Colorado scores higher on the Wedge Index, where it is third on the list behind only Pennsylvania and New Jersey.

The data tale

The figures from the Colorado Department of Revenues Division of Gaming show that $824,700 were collected in taxes.

This was the largest amount since legalization in May this year.

The top sports, unsurprisingly, was NFL with $67.9m in handle. Baseball was a distant second with $23m in handle.

College football was third with $16.5m of total wagers or 7.8% of the total.

Next came basketball (6%), table tennis (4.4%), soccer (2.8%), tennis (1.9%) and then MMA (1.2%). The remaining 17.6% was bet on parlays.

Smashing times

The news on the new record in Colorado will add to the tallies from other states that make October a record-breaking month.

The latest data from other regulated states shows that revenues across the country will have surpassed $219m in October.

Rhode Island enjoyed significant growth in sports betting handle and revenues during October.

Sports bettors in the state wagered a total of $34.7m in October, a rise of 11% on September and of 22.6% on October 2019.

Operator revenues also grew strongly: they were up 83.3% to $4.4m on September and up 76% on the $2.5m recorded in October 2019.

Land-based wagering also performed strongly. The Twin River Lincoln and Tiverton casinos took $19.3m in wagers, the Twin River Lincoln resort took the majority of those bets at $14m.

Mobile betting recorded $15.4m in bets and generated $2m in revenue, a rise of 134% on the $856,000 recorded in September.

The channel was helped by the removal of the in-person registration requirement in July and the highest monthly revenue figure since mobile wagering launched in September 2019.

WV casino drop 

West Virginia’s online casinos saw revenues drop 16% in October to $1.6m compared with the previous month.

Handle came in at $53m, a 29% drop in September’s $75m. The state doesn’t provide a breakdown of slots or table games revenues.

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Jake Pollard

Jake Pollard is an experienced journalist and editor who has covered the online gaming and betting industry for many years. He has written for the leading media outlets as well as operators and suppliers in the igaming space. His current areas of focus are wide-ranging and include regulatory developments in the US, emerging markets in South America and how European countries are adapting to a decade of igaming regulation.

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