During October, online and retail sportsbooks climbed to a new high in Colorado, with more inbound competition set to challenge FanDuel and DraftKings’ market leading status.
According to data released by the Colorado Department of Revenue’s Gaming Division, the Centennial State’s sportsbooks welcomed $210.7m in bets in October, capitalising on the sports schedule.
The month’s handle increased by two percent from $207.7 million in September, generating a record $17.4 million in gross gaming revenue, a substantial 317.7 percent increase from $4.2 million in previous months.
Jessica Welman, analyst for PlayColorado said: “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.
“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.”
Eilers and Krejcik figures obtained by PlayColorado, show that since the market launched in May, DraftKings and FanDuel, the two largest sportsbook operators in the nation that both launched in Colorado on May 1, have created 84 percent of Colorado’s gross gaming revenue.
PointsBet has recorded its market entry in recent weeks, despite no fresh operator launches taking place in October, with a Barstool-branded Penn National Gaming entry planned after a retail debut at Ameristar Casino in Black Hawk.
Ian St Clair, analyst for PlayColorado.com said: “DraftKings appears to be winning the battle so far, but FanDuel is a force as the two jockey for the market lead.
“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.”
Behind Indiana, which attracted $230.9 m, Colorado’s October handle dropped to sixth place among the nation’s largest markets, behind New Jersey, Nevada, Pennsylvania, and the rapidly rising Illinois.
“Colorado remains a major player in the US market, with perhaps the most competitive market for operators,” Welman added.