Colorado Records $491.5M in October Betting Handle

Colorado, which recently welcomed Tipico Sportsbook, and a new development hub in Denver, is definitely enjoying the football season. In fact, the Centennial State managed to collect a record-breaking betting handle, posting $491.5 million in October, strengthened by local franchises, college games, and professional football.

Colorado Enjoys the Football Season

The results are bolstered by both the National Football League and college football games that have been going strong in the state. In comparative terms, the results are up 20% from September, and the handle doubled year-over-year when compared to October 2020.

The numbers are all verified by the Colorado Division of Gaming which published them on Tuesday and broke down how sports events had influenced betting in the state. Over a third of all wagers in October were placed on the NFL, with the local franchise, the Denver Broncos, still galvanizing many people into action despite a poor one-out-of-five win during the month. A total of $167.7 was collected on football.

Basketball wagers on the NBA came in second with $63.3 million in wagers, and college football managed to fetch another $52 million in total bets. Colorado has embraced both professional and collegiate-level bets. Put together, the football bets in both categories accounted for close half of the total betting action for the month. 

Local Franchises Spur Fans into Action 

Both the Colorado Avalanche and the Denver Nuggets, paired with the Broncos, contributed to an upsurge in the sports betting handle. Residents don’t so much care about winning as they do about back their favorite team, and there are many of those to go around in Colorado.

The Broncos are still struggling, but they have been enjoying a good build-up with their fan bases. This trend should extend through the Super Bowl, as the season will be packed with more games, just like in October. 

Baseball accounted for some $37.4 million of the total bets. Soccer, represented by the MLS Colorado Rapids, tennis, and hockey together added for another $43.1 million in total wagers. Bets on unspecified sports amounted to $34.7 million, and parlays and accumulators accounted for $90 million of the betting handle.

Operators in the state ended up paying some $462.8 million to bettors, bringing $9.79 million for the sportsbooks, with the state biting out $1.25 million out of this amount in a tax form. Tax from sports betting has been put to good use in the state, bolstering various important infrastructural projects.