Colorado Now 10th Market To Reach $1 Billion In Sportsbook Revenue

, , ,
Written By Giovanni Shorter | Last Updated
Colorado Sports Betting

With the release of the October sports wagering report, Colorado has reached a new sports betting milestone. The Centennial State has become the 10th market to reach $1 billion in revenue since its launch in the post-PASPA era. This milestone comes as Colorado sportsbooks report $46,914,481.62 in total gross gaming revenue for October 2023.

Colorado Wagering Report Breakdown

Colorado sportsbooks reported $554,859,801.15 in total wagers for October. This is the second-highest betting handle in Colorado history. October’s handle also pushed the market to surpass $4 billion in wagering handle for 2023 and $14 billion in handle all time. Colorado is the seventh market to surpass $14 billion.

The $46,914,481.62 in revenue is also the second highest; only the 51.3 million from September 2022 saw more revenue. Online sportsbooks dominated the market and were responsible for $550,421,803.20 of all wagers for October. This is 99.2% of the total market coming from the best sports betting sites.

The remaining $4,437,997.95 came from retail sportsbooks. Retail sportsbooks saw a -2.03% hold on the month, losing $90,005.41 in October. The 8.54% hold rate from online sportsbooks kept the market in the green overall. The market saw a total hold rate of 8.46%, with the state seeing $3,351,482.15 in taxes. So far, in 2023, the state has seen more than $7.8 million in taxes through October.

Parlays And Football Wagers Dominate In Colorado

Unsurprisingly, the most wagered on sporting events has been football wagers, claiming 33.4% of the total market. The recent success of the Denver Broncos likely aided in the increase in action for October. Parlays/combination wagers took up the second most action at Colorado sportsbooks with 21.1%.

Percentage of Wagers By Sport Colorado October 2023

  • Football-Pro American 33.4%
  • Parlays/Combinations 21.1%
  • Basketball 11.4%
  • NCAA Football 9.3%
  • Baseball 6.9%
  • Tennis 5.9%
  • Soccer 3.5%
  • Hockey-Ice 2.9%
  • Other 2.8%
  • Table Tennis 2.0%
  • MMA 0.5%
  • Golf 0.3%

Colorado sports betting has been live since 2020 and has shown no signs of slowing down. The milestones in betting handle and revenue are examples of that. It took Colorado just 42 months to reach the $1 billion mark in betting revenue. How long will it take Colorado to surpass $2 billion?