If it weren’t for Coronavirus, this year’s top story in gaming would undoubtedly be the rapid spread and runaway popularity of sports betting. Case in point, Colorado‘s $211 million October handle. The continuing climb in wagering is notable in that it occurred post-NBA and with a normal (more or less) sports schedule on the books. Even the tragicomic struggles of the Denver Broncos (who fielded a wide receiver at QB last Sunday) haven’t dimmed bettors’ ardor. They’re taking most of their action, almost predictably, to DraftKings and FanDuel, although some new entrants hope to make up for lost time. The two leaders have 84% of market share at present, a dominance that will be difficult to dent. DraftKings has a 46% market share and $18 million revenue since May. FanDuel has 38% and $15 million. PointsBet is arriving this month, with Barstool Sports close behind.
Since casino gambling is clustered in three small Colorado cities, action is almost exclusively online: 98%. After losing $3.5 million in September, sports books showed $9.5 million in win. As for the handle, $68 million of it was on the NFL, way up from September, with baseball contributing $23 million and the return of college football $16.5 million. “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 analyst Ian St. Clair. As for the NFL fans, they’ll probably keep betting more and more—just not on the Broncos. Meanwhile, Michigan‘s Lege is considering enacting a waiver that would allow mobile sports betting to go live by month’s end. Not missing a trick, DraftKings signed a partnership with the Detroit Pistons yesterday.
