The latest Colorado sports betting figures from the Colorado Department of Revenue show promising results.
During November, Coloradoans gambled $552,603,013. Compared to the previous month of October, November’s handle represents a 4.9% increase.
November represents just the fourth month with more than $500 million in sports betting handle since Colorado legalized the industry. Overall, it was the second-highest handle in state history.
Colorado’s sports betting industry also resulted in more than $37 million in revenue – roughly a $1 million jump from October’s gross gaming revenue.
Adjusted November revenue came to $24.4 million after factoring in promo credits and other deductions.
Colorado sports betting in November show YOY increase
Colorado’s sports betting growth didn’t just appear month-to-month.
November 2022’s sports betting handle showed a 16.2% jump from November 2021. That month, Colorado sports bettors gambled a little more than $475.44 million.
Tax revenue from CO sports betting rose, too
Colorado’s sports betting led to $2,581,533 in tax revenue in November. It’s a 10.8% increase month-to-month from October’s tax total of $2,330,705.
Year-to-year, it’s a 30.4% jump from November 2021’s mark of $1,979,134. Through November, the fiscal year taxes to date are up to $10,816,035 – a whopping 98.95% increase from this same point in November 2021 ($5,436,615).
And in 2023, due to the start of a new bill put into place, the state should see even more tax revenue from sports betting. All of which will be put to good use, including funding for responsible gambling aid.
Basketball most popular sports bet in Colorado
Colorado bettors favored basketball despite the professional football season heating up in November. It’s somewhat of a surprise, as football is king when it comes to sports betting – specifically in-season.
But Colorado bettors loved their hardwood bets. Bettors gambled $142,186,629.72 on basketball in November.
It’s a massive jump from last month when basketball garnered roughly $85 million in bets. 25.7% of November bets came from professional basketball.
While it’s eye-opening that basketball led Colorado sports betting, the Denver Nuggets‘ recent success could play a factor. As of Thursday, the Nuggets are tied for the best record in the Western Conference.
With MVP candidate Nikola Jokic averaging 25.6 points, 10.8 rebounds and 9.5 assists, Denver basketball turned into must-see TV. And in-state bettors seem to have taken note.
Football remained popular in Colorado, even though it didn’t claim November’s top spot. Bettors gambled $135,263,417.14 on professional football for the month.
Professional football’s handle dropped by a little more than $36 million compared to October’s mark of $171,637,593. Professional football garnered 24.5% of the November bets.
It could have something to do with the state’s lone NFL team struggling mightily after preseason Super Bowl aspirations. With one week left in the regular season, the Denver Broncos sit at 4-12 and are last in their respective division.
Denver recently fired head coach Nathaniel Hackett, seeming to punctuate a season fans would love to forget.
College football was the third-most popular sport for November, generating $48,051,337.73 in handle. College basketball followed behind with a handle of $38,982,392.57.
Soccer ($27,709,806.83), ice hockey ($19,440,015.83) and tennis ($18,659,472.59) were the other three sports, with bets topping more than $7 million.
Colorado sports betting companies cashed in on parlays
Colorado bettors placed $91,784,135.69 on parlays during November. It was a slight drop from October’s parlay handle of $92,037,815.65.
But when it came to paying out players, bettors won just $73,701,198.54 off parlays. That number equates to a hold of 19.7% hold rate for the sportsbooks.
Across the board, Colorado boasted a hold rate of 6.7% on all sports during the month. In October, the state’s hold stood at 6.9%.
