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Colorado bettors wager record $491.5m in October


Colorado’s sports betting market became the latest to hit new heights in October, with amounts wagered soaring to $491.5m, and revenue reaching $28.6m.

Consumers wagered 133.3% more than in October last year, with the monthly amount beating the previous record of $408.3m set in September this year by 20.4%.

Players spent $483.3m betting online during the month, in addition to $8.1m at retail sites.

Football remained by far the most popular sports to wager on among bettors, with $171.2m bet in October. Basketball drew $63.3m in bets and college football $52.0m, while parlay betting amounted to $89.7m.

Gross gaming revenue for the month was 581.0% higher than $4.2m in October of 2020 and 27.7% more than $22.4m in September this year, according to figures published by the Colorado Department of Revenue.

The October amount also surpassed the previous record of $23.1m set in January 2021 by 23.8%.

Of this total, some $28.2m was generated via online sports wagering, with the remaining $383,489 coming from retail sportsbooks across Colorado.

Players won a total of $462.8m from sports betting during the month, while the state was able to generate $1.2m in tax.

Colorado joins a host of other states that smashed their sports betting records in October. Nevada set a new monthly record for sports betting handle in October, as players wagered $1.0bn, but this was short of the record $1.3bn bet by consumers in New Jersey in the same month.

Pennsylvania’s handle reached an all-time high of $776.3m, Indiana a record $461.1m, Michigan $463.3m and Iowa $280.9m.

Other handle records were set in Oregon ($37.6m), Mississippi ($83.5m), New Hampshire ($98.2m) and Washington DC ($26.3m).