The Colorado Department of Revenue’s Division of Gaming, which is responsible for overseeing the honesty and integrity of the gaming industry in the state, has released its sports betting numbers for October.
The regulator that aims to become the trusted partner to all Coloradans looking to easily navigate and thrive in the complex industry has announced yet another month marked by increasing wagers. With sports wagers that went over the $526.619,776 million mark, October 2022 was named the second-highest month of total sports wagers after January 2021 when the same figures reached $573,720,213. The sports betting market in Colorado was officially legalized and opened to the public in May 2020.
7% Year-to-Year Rise Compared to October 2021
October’s total handle in 2022 signaled a 7.2% increase compared to the same month last year when the regulator announced $491,453,342 in total sports betting wagers. The October 2022 figure also marks a 17% growth compared to September 2022’s total handle of $450,232,597.
Professional American Football was ranked first with $1,813,796 in retail wagers, $169,823,796 in online wagers, and $171,637,593 in total wagers. The sport was followed by basketball with $543,546 in retail wagers, $85,125,010 in online wagers, and $85,668,557 in total bets. NCAA soccer was ranked in the third position with $883,369 in retail wagers, $49,520,358 in online wagers, and $550,403,728 in total wagers. Baseball and tennis were ranked fourth and fifth with $42,098,515, respectively, $24,473,761 in total wagers and online wagers totaling $41,731,145 for baseball and $24,427,923 for tennis.
Ice hockey, soccer, table tennis, mixed martial arts, golf, parlays/combinations, and other sports were also included in the same report for October. In total, the ten listed sports recorded $4,831,524 in retail wagers and $521,788, 252 in online wagers.
$36.51M in Gross Gaming Revenue for October 2022
Colorado’s sports betting also recorded $36,514,974 in total gross gaming revenue with $267,127 recorded by retail wagers and $36,247,846 in online wagers. The total net sports betting proceeds totaled $21,079,705 for retail and online wagers, while Colorado attracted taxes from sports betting wagers of $2,330,704, marking an 87% rise compared to the same taxes collected the same month last year. However, in September 2022, Colorado’s sports betting wagers brought $2,989,342 in taxes to the state treasury, thus showing a 22.03% drop on a month-to-month basis.
In October, the Division of Gaming spoke about its plans to introduce a self-exclusion program that would simplify sportsbooks’ job to regulate and keep track of problem gamblers.