The Colorado Department of Revenue has released the sports betting report for October 2022. The report shows that $526,619,776.98 was bet on sports during the month. This is the second-highest sports betting handle month ever for the Centennial State. The number one spot is still claimed by January 2022 where $573.7 million was bet on sports. Colorado sports betting revenue dipped slightly month over month, however.
Colorado Betting Sees Success
Of the betting total, sportsbooks claimed $36,514,974.08 in gross gaming revenue (GGR). The state saw $2,330,704.59 in taxes from the Colorado sports betting revenue total. The revenue comes off of a 6.93% hold rate.
The total revenue numbers are down compared to September’s $51.3 million in GGR. September set the record for the highest revenue since launch. October’s decline in betting came from a smaller hold rate compared to September’s 11.40% hold.
Online sportsbooks dominated the market, with $521,788,252.03 coming from mobile apps compared to just $4,831,526.95 coming from retail sportsbooks. That amounts to 99.08% of the total market coming from Colorado online sports betting. Colorado consistently is dominated by mobile and online betting over retail.
What Sports Dominated The Market?
Looking at the report, we see that football was the most wagered-on sport in Colorado in October. 32.6% of total bets came from NFL wagers. Parlays were responsible for the second most type of wagers at 17.5% with basketball bets being third with 16.3%.
Colorado Wagers By Sport
Football – Pro American 32.6%
Parlays/Combinations 17.5%
Basketball 16.3%
NCAA Football 9.6%
Baseball 8%
Tennis 4.6%
Hockey – Ice 3.2%
Soccer 3.1%
Table Tennis 1.6%
MMA 0.6%
Golf 0.2%
With the NFL season in full swing, it is only expected to continue to be the dominant betting event in the Centennial State. Colorado sports betting fans are also keen on wagering parlays. These are the most popular forms of betting in multiple markets.
The success of Colorado’s betting market is impressive. This record was set before the NFL playoffs and Super Bowl betting push. As well as long before the rise of the NCAAB during the March Madness tournament.
What this means is that these betting numbers could easily grow larger in the coming months. Colorado’s market is as booming as ever.
