Colorado sports betting revenue sets new record in November

Even though the $475.4m handle in November was down 3.3 per cent from October’s figures, Colorado sportsbook revenue reached an all time high. 

US.- According to the Colorado Division of Gaming, sports bets in Colorado suffered a slight decline compared to October’s record total with the $475.4m handle recorded in November down 3.3 per cent month on month.

However, November 2021 figures represented a 105 per cent growth versus the same period from previous year.

The Denver Gazette reports that November handle decline was driven by a $30m drop in bets on NFL football, likely the result of the league playing five weeks of games in October and four weeks of games in November.

Professional football and basketball lead the sports betting market by generating over half of the monthly handle, nearly $265m, with college football and basketball each generating about $29m in bets during November.

In third place was NCAA Football with $29.4m. The fourth spot went to NCAA Basketball with $29m, and Ice Hockey rounded out the top five sports with almost $14m.

Ian St. Clair, lead analyst for PlayColorado.com, which follows regulated gaming in Colorado, said: “Every market has grown significantly over the last few months, but few have performed better than Colorado since the football season began in September.

“November was a sort of litmus test for how sustainable the growth will be once the football season ends because there were fewer games played (in November) than in October,” St. Clair added.

In terms of revenue, the state’s sportsbook registered an all time record by generating $19.3m after paying $438.7m to winning bettors and despite giving away $17.4m in free bets. 

The previous record revenue total of $11.7m was set in January. The record sportsbook revenue also meant record tax revenue for the state at $1,981,640, eclipsing the record of $1.25m set in October.

Since legal sports betting launched in May 2020, Colorado bettors have wagered more than $4.5bn. Colorado sportsbooks pay a 10 per cent tax on what they keep after paying winners and subtracting free bets; those funds are set aside for Colorado water projects.

See also: Colorado sports betting handle hits record $491.5m in October