Sports betting in the United States has been booming throughout the fall. States recorded large handles in September and many set records. This has been magnified after the October numbers were reported.
Football is key for the growth of legal sports betting because it’s the most wagered contest in the United States. This is why many states are constantly posting records in the fall. When football is combined with the other three major sports as it was in October, it’s a recipe for staggering growth.
Colorado is one state that had a terrific month in October. Colorado sports betting is still relatively young, but this does not mean that the market is not a legitimate contender in the United States.
The state set a sports betting record in September and then shattered this mark in October. The craziest part of the record is that mobile betting shined more than any other month in state history.
The October Handle
Colorado became the most recent state to report a record for the month of October. It will likely not be the last as there are a few states that need to report their numbers for the month. Mobile betting accounted for 98% of the total handle, which was the most surprising part of the record.
Mobile betting always seems to dominate totals in the United States, but it was the driving force in the October record for CO. The state’s handle was up 20.4% from September, which was the previous record total.
The total in September was $408.3 million, and it was $491.4 million in October. This was shocking for the industry that the record rose just over $80 million, and the Colorado Department of Revenue’s Gaming Division made this clear when they reported the numbers.
The month-to-month growth was epic, but the year-to-year growth is also something to view and be impressed with. 2020 was a COVID-19 year, and in October, there were no vaccines available, and jobs were limited. This must be considered when viewing the 2020 handle, but this should not take away from the surge over the year.
The October 2020 handle was $210.7 million, so the rise was noted at 133.2%. Colorado joined many other states that set records during the month. The most notable state was New Jersey, which is the headliner in the legal American betting market.
New Jersey had its second straight month taking over $1 billion in bets. Nevada also joined the $1 billion club. This handle was unprecedented a year ago, but now with NJ and NV leading the way, other states will start creeping towards this total. Betting is currently legal in 30 states and Washington D.C. throughout the country.
Big Month for Mobile Betting
Mobile sports betting accounted for 98% of the handle. The October mobile handle totaled $483.3 million, and this was a 20% spike from the September mark. In September, $402.7 million in bets was placed.
The online number was 134.1% higher than one year ago in CO, showing what extra providers and the combination of all major sports can do for a handle. Professional football was the most wagered sport in the state, with $171.2 million in bets.
Basketball came in second place with a $63.3 million handle. This was followed by college football at $51.9 million. Playoff baseball also played a role in the handle growth with $37.3 million, and then soccer rounded out the final position with $15.8 million.
CO is an excellent state for sports betting because there are five major professional sports teams. This helps keep enthusiasm high across all playing fields.