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Colorado sports betting GGR rockets to record $17.4m in October


The Colorado Department of Revenue has revealed that a record monthly handle of $210.7m in October helped drive the state to a new gross gaming revenue high of $17.4m.

Gross gaming revenue in October amounted to $17.4m, up 314.2% from $4.2m in September and a new monthly record for the state.

Online wagering was responsible for $16.7m of gross gaming revenue during the month, compared to just $667,943 from retail operations in Colorado.

Net sports betting proceeds – gross gaming revenue minus the 0.25% federal excise tax and sports wagering promotions such as free bets – also increased from a loss of $3.4m in September to $9.6m in October.

Again, online betting was by far the primary source of income for operators, with net proceeds from the channel standing at $9.0m, representing 93.8% of total net proceeds. Retail proceeds for the month reached $667,994.

In terms of handle, consumers spent a record $210.7m in October, up 1.3% from the previously monthly high of $207.7m that was set in September, while players won a total of $193.3m from wagers.

The state collected $824,700 in sports wagering taxes in October; $757,614 from online and $67,086 from retail betting activities.

Looking at individual sports, football was the most popular sports to wager on in October, with players spending a total of $68.0m on bets, representing 32.3% of all sports wagers in the month.

Parlay bets accounted for $37.2m (13.5%) of wagers, ahead of $23.0m (10.9%) for baseball, $16.5m (10.9%) on college football and $12.7m (6.0%) on basketball.