Colorado bettors made history in November with an unprecedented surge in sports betting activity. As per the Colorado Division of Gaming’s monthly sports betting reports, the Centennial State handled an impressive $608.5 million in bets.
This milestone marks an all-time high in the monthly sports betting activity for the state, surpassing October’s handle of $554.6 million by 9.7%. In comparison to the corresponding month of the previous year, November’s wagering experienced a surge of 10.1%.
In November, a staggering 99% of the total handle was conducted through online platforms. Online operators raked in $602.9 million in bets, displaying the dominant preference among bettors in the Centennial State. In stark contrast, brick-and-mortar retail locations accounted for a fraction, culminating in $5.6 million in wagers.
Colorado Sports Betting Joins the Elite Group
The Colorado sports betting industry has become the 10th state to surpass $600 million in monthly revenue, mirroring Virginia’s achievement in November.
The latest figure eclipses the previous record set at $573.7 million in Jan. 2022. Over 43 months since the state’s legalized betting began, operators have now crossed the threshold of $500 million in monthly bets for the ninth time.
In addition to this landmark achievement, Colorado joined an exclusive group, becoming the sixth state to surpass $15 billion in total handle since the launch of sports betting.
Colorado Sports Betting Revenue Falls by 39.1%
Despite the record-setting sports betting handle posted in November, operators reported a gross gaming revenue of $28.6 million. This marks a decline of 23.9% from November last year and a substantial 39.1% drop from October.
Bettors across the state performed better than the previous month, amassing $579.9 million in winnings in November. The winnings significantly impacted the state operators’ overall winning percentage, which stood at 4.7%.
Retail operators exhibited a slightly stronger hold at 6.64%, while their online counterparts registered a marginally lower hold of 4.68% as opposed to October’s 8.54%.
The overall hold of 4.7% emerged as the sixth lowest in the state’s history and the lowest since June’s sub-3% win rate following the Denver Nuggets’ NBA title win.
The cumulative handle for the year through November surged to $4.8 billion, representing a 3.9% increase from the previous year. Taxable revenue significantly surged by 45.3% to $237 million due to changes in promotional deductions, resulting in an upsurge in sports wagering taxes claimed by Colorado.
The Division of Gaming disclosed a tax inflow of $1.5 million on net sports betting proceeds totaling $14 million. While specific operator data remains undisclosed, the reported $14.6 million in promotional credits and deductions highlighted substantial promotional efforts by leading platforms such as ESPN BET, FanDuel, DraftKings, and BetMGM within the state.
With December’s data pending, the $23.7 million in sports wagering taxes claimed in 2023 positions Colorado ahead of last year’s pace by $6.7 million.
Football Takes the Lead as Colorado Bettors’ Preferred Sport
Football emerged as the prime focus for bettors in November, commanding the highest wagering volume among all categories.
Bettors channeled significant interest and wagers into pro-American football, with a staggering $151.2 million in bets placed. Simultaneously, NCAA football attracted $52.1 million in bets.
Basketball emerged as the second-most favored sport for betting within the state. Operators reported that $143.6 million was wagered on NBA games, while NCAA basketball drew bets totaling $37.8 million.
Tennis, ice hockey, and soccer stood out as substantial revenue streams, drawing wagers of $22.7 million, $19.7 million, and $14.7 million, respectively.
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