Posted on: November 30, 2020, 05:59h.
Last updated on: November 30, 2020, 06:17h.
For the sixth consecutive month, Colorado’s sports betting handle hit all-time highs in October, and tax revenue finally went along for the ride.
In the tenth month of 2020, the total amount wagered on sports online and at the Centennial State’s retail sportsbooks rose to $210.71 million from $207.65 million in September, according to data released Monday by the Department of Revenue.
In October, the total taxes collected was $824,700, representing a 91.5 percent increase over September 2020 and the largest amount collected since legalization in May 2020,” said the revenue department in a statement.
That comes after net sports betting product (NSBP), or taxable revenue, was -$3.39 million in September.
Football Does the Heavy Lifting
Data confirms the struggles of the Denver Broncos aren’t deterring Colorado bettors from action on the NFL. It’s also clear gamblers there are capitalizing on the state’s rapid adoption of online and mobile wagering platforms.
In October, NFL wagers accounted for $67.98 million, or 32.3 percent, of the Centennial State’s handle. Of that total, $65.89 million was placed online or via mobile devices. Major League Baseball (MLB) checked in at $23.04 million, or 10.9 percent of the overall handle. College football was third among individual sports at 7.8 percent, but at 17.6 percent, parlays topped everything but the NFL.
The data confirms something else. Colorado gamblers are just like their counterparts in other states in that the NFL is their favorite sport to bet on. Second, the arrival of the 2020 professional football season is a boon for state coffers.
The Centennial State’s timing in launching regulated sports betting was inauspicious, to say the least, doing so at the height of the coronavirus sports shutdown. As a result, international table tennis was the most wagered-on sport in the state for several months.
Online Really Matters
Some states initially allow wagers to be placed at brick-and-mortar sportsbooks and drag their heels on permitting online betting. Colorado isn’t in that camp, explaining why operators are keen to enter the market.
The state allowed gaming companies to rapidly roll out online and mobile sports wagering platforms, and that accommodative stance is paying dividends.
Last month, total gross gaming revenue (GGR) from sports betting was $17.40 million, while NBSP was $9.64 million. Of those tallies, $16.72 million and $8.97 million, respectively, were generated online. Of the $824,700 in taxes collected by the state, $757,614 was attributable to online sportsbooks.
The Department of Revenue doesn’t break out operators by GGR or handle in the monthly data. But Caesars, Circa Sports, DraftKings, FanDuel, Monarch Casino, and Penn National Gaming are among the gaming companies with footprints in the Centennial State.