{"id":156982,"date":"2020-11-30T17:59:59","date_gmt":"2020-12-01T01:59:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=156982"},"modified":"2022-07-26T10:12:51","modified_gmt":"2022-07-26T15:12:51","slug":"colorado-sports-handle-tax-revenue-eclipse-records-in-october","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/","title":{"rendered":"Colorado Sports Wagering Handle, Tax Receipts Notch Records in October"},"content":{"rendered":"

For the sixth consecutive month, Colorado’s sports betting handle hit all-time highs in October, and tax revenue finally went along for the ride.<\/p>\n

\"Colorado
The Denver Broncos aren’t very good. Fortunately, the opposite is true for Colorado’s sports betting numbers. (Image: Associated Press)<\/figcaption><\/figure>\n

In the tenth month of 2020, the total amount wagered on sports online and at the Centennial State’s retail sportsbooks rose to $210.71 million from $207.65 million in September, according to data released Monday by the Department of Revenue.<\/p>\n

In October, the total taxes collected was $824,700, representing a 91.5 percent increase over September 2020 and the largest amount collected since legalization in May 2020,\u201d said the revenue department in a statement.<\/p><\/blockquote>\n

That comes after net sports betting product (NSBP), or taxable revenue<\/a>, was -$3.39 million in September.<\/p>\n

Football Does the Heavy Lifting<\/h2>\n

Data confirms the struggles of the Denver Broncos<\/a> aren’t deterring Colorado bettors from action on the NFL. It’s also clear gamblers there are capitalizing on the state’s rapid adoption of online and mobile wagering platforms.<\/p>\n

\n

In October, NFL wagers accounted for $67.98 million, or 32.3 percent, of the Centennial State’s handle. Of that total, $65.89 million was placed online or via mobile devices. Major League Baseball (MLB) checked in at $23.04 million, or 10.9 percent of the overall handle. College football was third among individual sports at 7.8 percent, but at 17.6 percent, parlays topped everything but the NFL.<\/p>\n<\/div>\n

The data confirms something else. Colorado gamblers are just like their counterparts in other states in that the NFL is their favorite sport to bet on. Second, the arrival of the 2020 professional football season is a boon for state coffers.<\/p>\n

The Centennial State’s timing in launching regulated sports betting was inauspicious, to say the least<\/a>, doing so at the height of the coronavirus sports shutdown. As a result, international table tennis was the most wagered-on sport in the state for several months.<\/p>\n

Online Really Matters<\/h2>\n

Some states initially allow wagers to be placed at brick-and-mortar sportsbooks and drag their heels on permitting online betting. Colorado<\/a> isn’t in that camp, explaining why operators are keen<\/a> to enter the market.<\/p>\n

The state allowed gaming companies to rapidly roll out online and mobile sports wagering platforms, and that accommodative stance is paying dividends.<\/p>\n

Last month, total gross gaming revenue (GGR) from sports betting was $17.40 million, while NBSP was $9.64 million. Of those tallies, $16.72 million and $8.97 million, respectively, were generated online. Of the $824,700 in taxes collected by the state, $757,614 was attributable to online sportsbooks<\/strong>.<\/p>\n

The Department of Revenue doesn’t break out operators by GGR or handle in the monthly data. But Caesars, Circa Sports, DraftKings, FanDuel, Monarch Casino, and Penn National Gaming are among the gaming companies with footprints in the Centennial State.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the sixth consecutive month, Colorado’s sports betting handle hit all-time highs in October, and tax revenue finally went along for the ride. In the tenth month of 2020, the total amount wagered on sports online and at the Centennial State’s retail sportsbooks rose to $210.71 million from $207.65 million in September, according to data […]<\/p>\n","protected":false},"author":46,"featured_media":156983,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,1074],"tags":[],"acf":[],"yoast_head":"\nColorado Sports Handle, Tax Revenue Eclipse Records in October<\/title>\n<meta name=\"description\" content=\"Colorado's sports betting handle and tax revenue are trending in the right direction thanks to online wagering.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colorado Sports Handle, Tax Revenue Eclipse Records in October\" \/>\n<meta property=\"og:description\" content=\"Colorado's sports betting handle and tax revenue are trending in the right direction thanks to online wagering.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-01T01:59:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-26T15:12:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/broncos.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1140\" \/>\n\t<meta property=\"og:image:height\" content=\"759\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/\",\"url\":\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/\",\"name\":\"Colorado Sports Handle, Tax Revenue Eclipse Records in October\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/broncos.jpg\",\"datePublished\":\"2020-12-01T01:59:59+00:00\",\"dateModified\":\"2022-07-26T15:12:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Colorado's sports betting handle and tax revenue are trending in the right direction thanks to online wagering.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/colorado-sports-handle-tax-revenue-eclipse-records-in-october\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/broncos.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/broncos.jpg\",\"width\":1140,\"height\":759,\"caption\":\"The Denver Broncos aren't very good. Fortunately, the opposite is true for Colorado's sports betting numbers. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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