Colorado's Department of Revenue announced today that the state's retail and online sports betting sites brought in $526.6 million in wagers in October, second only to the $573.7 reported in January 2021. The latest figure was a 17% increase from September's figures and a 7.1% improvement on the handle from October 2021.
While the handle was among the best ever for the state... October was actually a great month for bettors, as the 6.93% hold rate for operators was well below September's mark of 11.4% — a result of the mobile betting hold dropping from 11.4% to 6.9%... and retail hold plummeting from 14.3% to 5.5%.
That led to the total Gross Gaming Revenue (GGR) dropping to $36.5 million during the month — a 28.9% decline — and taxes paid to the state's Water Implementation Cash Fund declining from nearly $3 million... to $2.3 million.
Football, parlays do the heavy liftin
Despite the MLB Playoffs hitting its apex in October, it was pretty obvious that the NFL is king.
Of the straight sport bets, pro football accounted for 32.6% of the total handle, followed by the NBA at 16.3%, college football (9.6%)... and then baseball at 8.0%.
Parlays and combination bets also composed 17.5% of all October wagers in Colorado.
Online sports betting is still the overwhelming preference of bettors, making up 99.1% of the handle and 99.3% of the revenue, while college football was the best sport for bettors — with the state paying out more than it took in — while parlays (unsurprisingly) had the best hold at 18.3%.