Gambling in the USA
COLORADO SPORTSBOOKS HIT ANOTHER HIGH WITH $210.7 MILLION IN OCTOBER
Estimates show that DraftKings and FanDuel have dominated the market, but more competition is coming, according to PlayColorado analysts
Colorado’s online and retail sportsbooks surged to a new high again in October, capitalizing on a sports schedule that resembled a more normal month than in any other since the Centennial State launched sports betting in May, according to PlayColorado analysts. This while fresh proprietary estimates from gaming researchers Eilers & Krejcik Gaming and obtained by PlayColorado show that sportsbook heavyweights DraftKings and FanDuel have so far captured the vast majority of the Colorado market.
“October’s data shows that Colorado’s market is able to thrive even as the sports schedule normalizes and able to overcome a local team struggling, such as the Denver Broncos,” said Jessica Welman, analyst for PlayColorado. “Another sign that the market is marching toward maturity is that DraftKings and FanDuel have firmed up their market leads in the state, something we’ve seen in every legal market that has launched since 2018 while attracting a large number of competitors to push innovation in the market.”
Colorado’s sportsbooks attracted $210.7 million in bets in October, according to data released Monday by the Colorado Department of Revenue’s Division of Gaming. October’s handle was up 2% from $207.7 million in September, generating a record $17.4 million in gross gaming revenue, up 317.7% from $4.2 million in September.
Eilers and Krejcik estimates obtained by PlayColorado show that DraftKings and FanDuel — the nation’s two largest sportsbook operators which both launched in Colorado on May 1 — have generated 84% of Colorado’s gross gaming revenue since the market launched in May.
According to the proprietary estimates:
- DraftKings has captured 46% of the online market in terms of gross gaming revenue since the market launched in May. That would equal more than $18 million through October.
- FanDuel has generated 38% of gross gaming revenue since launch. That would be more than $15 million through October.
No new operators launched in October, but more competition is coming. PointsBet launched earlier this month, and Penn National’s Barstool-branded app is expected soon after opening a Barstool-branded retail sportsbook in early November at Ameristar Casino in Black Hawk.
“DraftKings appears to be winning the battle so far, but FanDuel is a force as the two jockey for the market lead,” said Ian St. Clair, analyst for PlayColorado.com. “That leaves a lot of smaller operators fighting for the remainder of market share. Colorado’s market is still sorting itself out, though, and that could bring challengers to the dominance of the Big Two.”
Online betting produced 98%, or $206.4 million, of October’s wagers. That was up from $203.9 million, or 98.2%, of September’s handle. All retail and online bets netted $9.6 million in betting proceeds, a jump from a $3.4 million loss in September. October’s winnings yielded $824,700 in taxes.
Colorado’s October handle fell behind Indiana, which attracted $230.9 million, to place No. 6 among the nation’s largest markets behind New Jersey, Nevada, Pennsylvania, and rapidly expanding Illinois.
“Colorado remains a major player in the U.S. market, with perhaps the most competitive market for operators,” Welman said.
Even with the Broncos’ struggles, the NFL was easily the most popular bet in October, attracting $68 million in action, up from $38.6 million in September. With the World Series, baseball managed to draw $23 million in bets. And college football, aided by the return of Colorado State and Air Force, jumped to $16.5 million in October from just $3.8 million in September.
“The jump in interest in college football shows how local interest can affect betting, and a bigger jump should be expected after the return of the Buffs,” said St. Clair. “Otherwise Colorado is mirroring other major markets in that the NFL is king in the eyes of bettors.”
For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/news.
Spinomenal, the leading iGaming content provider, has made its US debut after launching an exciting collaboration with a leading operator in the state of New Jersey, and is anticipating many more valuable collaborations with top tier online casinos.
Following impressive growth rates, Spinomenal is making a major move into the New Jersey iGaming market, marking a key step in its global expansion. By entering this crucial U.S. region, Spinomenal will bring its innovative games to a new audience, strengthening its presence and leadership in the iGaming industry.
Spinomenal’s specially selected titles will be going live via Pariplay’s Fusion aggregation platform in the New Jersey market. Some of the outstanding titles being made available for NJ players are Demi Gods II, Majestic Wild Buffalo and Kitsune’s Scrolls.
This marks a major milestone in Spinomenal’s strategic expansion plan, as this debut establishes the company’s initial presence within the New Jersey market, with further growth anticipated across the US iGaming ecosystem. This move underscores Spinomenal’s commitment to expanding its global footprint and further solidifying its position as a leader in the online casino industry.
Lior Shvartz, CEO for Spinomenal commented: “After a decade of establishing and positioning Spinomenal as a leading provider in the iGaming industry, we have now taken a big leap and will provide our exciting content to the esteemed New Jersey audience. We are highly optimistic about entering this prominent market, following the process of obtaining approval from the DGE.”
The Mechoopda Indian Tribe has announced that the Mechoopda Economic Gaming Authority (MEGA) Board has made the decision to suspend operations at Mechoopda Casino. The final day of operations will be Friday, January 31, 2025.
The Mechoopda Casino says this decision comes after months of deliberation and efforts to address the various challenges affecting the casino’s operations.
Dennis Ramirez, Tribal Chairman of the Mechoopda Indian Tribe, said: “Suspending operations at the Casino is a heart-wrenching decision that affects not only our Tribe but also our valued employees, customers, and the surrounding community. While this chapter is closing, our commitment to the Casino’s long-term vision remains steadfast. For over 25 years, this project has been a cornerstone of our economic development goals, and we will continue to work toward its future reopening.”
The Tribe is taking steps to support both its employees and community partners during this transition period:
Employee Support: The Tribe is committed to offering resources and guidance to assist team members through this difficult time.
Remaining Open Until January 31: The Casino will remain open through its final day of operation, giving guests the opportunity to enjoy the remaining days of service.
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