Colorado sports betting sees bump in October thanks to football

(The Center Square) – Over $554.8 million was wagered in Colorado on sports contests in October, up 8.2% from the prior month, data released by the state says.

That amount marks a 43.8% increase from October of last year, according to the Colorado Division of Gaming. Year-to-date, $1.65 billion has been wagered with $10 million paid in taxes.

The top sports for total wagers in October were professional football ($185.2 million), basketball ($63.4 million), college football ($51.8 million), baseball ($38.3 million), and tennis ($32.9 million).

Sports betting operators got $46.9 million of the total handle, the division’s data says.

“As usual, mobile sports wagering led retail bets in virtually every category from total handle to revenue and hold percentage,” said T.J. McBride, a writer with PlayColorado, a sports betting industry website. “Retail sports wagering in Colorado over October was actually upside down in terms of profit with operators losing money as opposed to generating revenue.”

“Still, October was profitable overall and plenty of bets were taken,” he added. “The biggest stimulant that aided Colorado sports betting to pass the $500 million mark in handle during October was wagers on professional football.”

Total taxes for October wagers in the state were $3.3 million.