Colorado Sports Betting Handle Exceeds $600M in October
Despite record-high handle, sports betting revenue in Colorado saw a sharp decline compared to September and October 2023.
Record Sports Betting Handle in Colorado
In October 2024, Colorado reported a total handle of $601.2 million, representing a 6.8% increase compared to September and an 8.4% increase year-over-year. This marked the highest monthly handle recorded in 2024.
However, operators had mixed results. Revenue totaled $39.3 million, reflecting a 16.2% decrease from October 2023 and a 28.6% decline from September 2024.
The drop in revenue, despite the increase in handle, was also observed in other U.S. states in October. This trend may be attributed to favorites winning more frequently, resulting in higher payouts to bettors.
Trends and Developments in Colorado Sports Betting
In terms of handle, the most popular sports in October were:
- Football: $168.8 million
- Basketball: $82.4 million
- College Football: $42.1 million
Notably, 99.4% of all bets placed in Colorado during October were made online.
On November 5, 2024, Colorado voters approved Amendment JJ, which removes the $29 million revenue cap from sports betting taxes that the state can retain. The additional funds will be allocated to support water projects across the state.
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