The Colorado Department of Revenue announced its monthly sports betting figures for October, revealing sportsbook operators collected $39.3 million in revenue. That’s a 16.2% drop from the same month in 2023 and a 28.6% decline from September 2024.
Significantly, retail books lost more than $358,000 in October. Retail operations lost money in October 2023, although it was around $90,000. Meanwhile, these retail betting operations generated more than $460,000 in September 2024.
However, October's sports betting handle was significantly higher than previous months, with sportsbooks handling more than $601.2 million in bets. That figure is a 6.8% increase from September and an 8.4% growth year-on-year. October was also the highest sports betting handle in 2024.
NBA, NHL betting boosts CO sports handle
Despite the 2024/25 NBA season only starting on Oct. 22, the sport significantly impacted Colorado's sports betting handle over several days. The basketball sports handle jumped from $33 million in September to $82.4 million in October, adding almost $50 million from just a few days of NBA action.
That increase offset handle falls on baseball, which dropped from almost $69 million to just shy of $40 million, and soccer from $27.3 million to $20.1 million. The MLB season ran until Oct. 30, but playoff games resulted in fewer betting opportunities compared to September. Wagering handles for ice hockey and MMA also declined slightly.
| Sport | Handle |
| Football | $168.8 million |
| Basketball | $82.4 million |
| NCAA Football | $42.1 million |
| Tennis | $41.4 million |
| Baseball | $39.9 million |
| Soccer | $20.1 million |
| Ice Hockey | $16.3 million |
| Table Tennis | $14.3 million |
| MMA | $3.5 million |
| Golf | $1.4 million |
| Parlays | $152.7 million |
| Other | $18.3 million |
Another major league season kicked off Oct. 4, with the NHL games returning, also reflected in the increased Colorado sports betting handle. Ice hockey betting jumped by more than 1315% month-on-month, adding more than $15 million to the state-wide total betting handle.
The NFL season started in September, but there were the same number of game weekends in October. Despite this, the betting handle fell by nearly 2.5% month-on-month and 8.9% year-on-year.
Colorado sports betting revenues reflect US-wide trend
While Colorado sportsbook operators may find lower revenues from higher October handles concerning, this problem isn't limited to The Centennial State. Several other U.S. states saw October betting handles grow but experienced significant revenue drops. Michigan's sports betting handle was 5.7% higher year-on-year, but revenues dropped 30% from October 2023.
Louisiana experienced similar issues, with its sports betting handle growing 15.1% month-on-month, but revenues fell 13.1%. Despite a 10.2% month-on-month increase in Massachusetts sports betting handle, revenues fell from $73 million to $48.3 million. Finally, North Carolina revenues dropped 70% from September to October, while wagers increased by around 6%.
This can be reflected in the beating sportsbooks took from the public during NFL action in the month of October. With limited upsets, favorites rolled at an unprecedented pace, leading Caesars Entertainment CEO Tom Reeg to call it the "the single worst combination of sports betting outcomes" he's seen since starting in the business.
