Colorado Sports Betting Continues to Grow
The state of Colorado launched sports betting on May 1, 2020, but it has quickly grown into one of the biggest markets in the United States.
Now that the October sports betting numbers are finally in, Colorado had the fifth-highest sports betting handle total, pending the announcement from Illinois.
Total tax revenue is also up in the state, which will help Colorado recover from the financial setbacks caused by COVID-19. Experts predicted that Colorado would become a leader in the sports betting industry, and those predictions have been true over the first six months of sports betting.
Total sports betting handle in Colorado during the month of October came in at $210.7 million, which set a new monthly record. This was an increase of just 1.5 percent from September, but the industry continues to move in the right direction.
Mobile sports betting accounted for more than 90 percent of all wagers placed in October, and this number has remained steady since May. Colorado does have retail sports betting, but all of the retail sportsbooks are in remote locations in the Rocky Mountains.
The big increase was in the total amount of tax revenue collected from the sportsbooks. Tax revenue rose all the way up to $824,700, which represented a 91.5 percent increase from September.
Football was the most popular sport to bet on during the month, accounting for more than $68 million in bets at the professional level. November is traditionally a strong month for the sports betting industry, and it is expected that Colorado will set new records in that month.
US Also Setting New Records
The state of Illinois has not yet released its October sports betting numbers, and those figures will likely be held off until mid-December. If recent trends hold true, then the sports betting industry in the United States could go over the $3 billion mark for the first time.
Of the 15 states that have already released October sports betting numbers, 13 have seen new records set during that month. Illinois is expected to set a new record as well, but it doesn’t need to post huge numbers to set the industry over $3 billion.
If Illinois is able to post a sports betting handle of at least $182.3 million, then the US industry will set a new record high. In September, Illinois posted a sports betting handle of $305 million, and the number could even reach $400 million in October.
New Jersey continues to set new records in the industry, posting a sports betting handle of more than $800 million in October. That state has taken the lead over Nevada, and the gap between the two states continues to grow each month.
It’s anticipated that 2021 is going to be another huge year for the sports betting industry as a number of states like Michigan are set to launch sports betting. Reaching $400 billion in sports handle is a real possibility in 2021, especially when the ongoing COVID-19 pandemic comes to an end.
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