Colorado Sports Betting Revenues Drop 16% Year-On-Year

Colorado sports betting landscape experienced a notable shift in October, as revenue figures took an unexpected downturn despite a surge in betting activity.

The Colorado Department of Revenue’s latest report reveals while the total amount wagered reached unprecedented heights, sportsbook operators faced challenges in converting this increased activity into proportional profits.

Record-Breaking Handle vs. Declining Revenue

October 2024 marked a significant milestone for Colorado’s sports betting industry, with the state recording its highest handle of the year. Bettors placed wagers totalling over $601.2 million, representing a substantial increase from previous months. This figure not only surpassed September’s handle by 6.8% but also showed an impressive 8.4% growth compared to October 2023.

However, this surge in betting activity did not translate into proportional revenue gains for sportsbook operators. In fact, the revenue figures painted a contrasting picture:

Online vs. Retail Betting Performance

The October report highlighted a stark contrast between the performance of online and retail betting operations:

This marked a significant decline for retail operations, which had previously generated over $460,000 in revenue during September 2024. The contrast with October 2023 is even more pronounced, as retail books lost around $90,000 during that period.

NBA Season Kickoff

Despite the 2024/25 NBA season only commencing on October 22, basketball wagering had a substantial impact on Colorado’s sports betting handle:

NHL Season Return

The National Hockey League also played a significant role in boosting October’s handle:

MLB Playoffs and NFL Regular Season

While basketball and hockey saw significant growth, other major sports experienced declines in betting activity:

The reduction in baseball wagering can be attributed to the transition from regular season to playoffs, which typically offers fewer betting opportunities. The slight decline in NFL betting, despite an equal number of game weekends, suggests potential shifts in bettor behaviour or preferences.