According to the latest monthly revenue report from the Colorado Division of Gaming, the state’s licensed sports betting operators reported accepting $554.8 million in wagers during the month of October.
The latest figures represent an increase of 8.2% on the $512.7 million wagered in September and 5.3% compared to the same period in 2022. It’s also the highest monthly total for 2023 and the second highest monthly handle since sports betting in Colorado launched in May 2020.
Sportsbooks reported that the NFL was the most popular sport as both retail and online bookmakers took in over $185.2 million in wagers on the league throughout October. The next most popular sport was basketball with $63.3 million in wagers while NCAA football pulled in $51.8 million in bets.
The Colorado Department of Revenue reported that gross gaming revenue (GGR) from sports betting for the month of October was approximately $46.9 million, a 28.5% increase year-on-year and a 3.7% increase on the previous month. Adjusted revenues after promotions were deducted came to $33 million. This brings the year-to-date adjusted revenue figure to just over $223 million.
Sportsbooks reported a combined win percentage of 8.45% although this was reduced to 5.96% based on adjusted revenue figures.
As a result, sportsbooks paid $3.3 million in taxes to the state, a 43.4% increase year-on-year. October’s tax haul was also the highest amount collected by the state in a single month. The year-to-date figure now stands at $22.2 million, 54.2% higher than the same period in 2022. Meanwhile the all-time figure is now $56.5 million.
Year-to-Date Sports Handle, Revenues & Taxes in Colorado
| Period | Total Handle | Mobile Handle % | Sportsbook Revenue | Win % | Adjusted Sportsbook Revenue | Adjusted Win % | State Taxes |
|---|---|---|---|---|---|---|---|
| Jan 2023 | $547,189,025 | 99.10% | $35,482,562 | 6.48% | $22,494,859 | 4.11% | $2,586,457 |
| Feb 2023 | $425,142,877 | 99.17% | $22,599,602 | 5.32% | $11,971,619 | 2.82% | $1,257,332 |
| Mar 2023 | $494,440,210 | 99.09% | $45,935,669 | 9.29% | $35,416,031 | 7.16% | $3,103,024 |
| Apr 2023 | $417,814,147 | 99.18% | $35,148,592 | 8.41% | $25,855,745 | 6.19% | $2,582,615 |
| May 2023 | $385,242,136 | 99.17% | $31,406,903 | 8.15% | $22,022,429 | 5.72% | $2,218,084 |
| Jun 2023 | $310,656,478 | 99.21% | $9,223,661 | 2.97% | $1,974,031 | 0.64% | $441,951 |
| Jul 2023 | $281,110,490 | 99.38% | $24,962,106 | 8.88% | $19,075,871 | 6.79% | $1,778,767 |
| Aug 2023 | $306,065,791 | 99.38% | $25,873,058 | 8.45% | $18,683,392 | 6.10% | $1,806,025 |
| Sep 2023 | $512,792,794 | 99.05% | $45,276,417 | 8.83% | $32,488,916 | 6.34% | $3,126,136 |
| Oct 2023 | $554,859,801 | 99.20% | $46,914,491 | 8.46% | $33,069,671 | 5.96% | $3,351,482 |
| Totals | $4,235,313,749 | 99.19% | $322,823,061 | 7.52% | $223,052,564 | 5.18% | $22,251,873 |
Image credit: CDOM Photography / CC BY-ND 2.0 DEED
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.