The state of Colorado posted another record-breaking sports betting market in November, becoming one of the sixth states to have clocked over $225 million in a single month.
Colorado Beats October Sports Handle Results in November
Colorado has posted another record-breaking month, becoming the sixth state to have collected a record-breaking, over the $225-million threshold, with $231 million in total betting handle in a single month. Results were bolstered by the NCAAB and NFL, and ahead of the official launches of the NBA and the NHL. With the NBA kicking off on December 23, Colorado is yet to cash in on even bigger numbers for the holiday season.
Local sports franchises spurred results, including the Denver Broncos who had five games on the NFL calendar in November, boosting interest and drawing punters to sportsbooks. Colorado became famous for its whimsical choice to have South Park’s characters watch the Broncos live game versus the Tampa Bay Buccaneers in September.
The growth in numbers is a 9.7% increase month-over-month and beats the October results when the state collected $210 million in sports bets, the Colorado Department of Revenue said in a statement.
Overall, tax for the state took a hit, because of the higher win percentage punters in the state generated in November. Altogether, the Denver Broncos and NFL games, in general, have collected some $88.4 million in wagers, and the Broncos seem to impact the local sports betting ecosystem positively, driving interest.
Other sports that proved popular include NCAAF, NCAAB, table tennis, and basketball, which collected a combined total of $52.6 million in wagers. Parlays seem to be a preferred wager type with some $40.3 million spent on multi-selection bets for a chance of a bigger yield.
Exotic Markets Stay Strong, Online Handle Dominates
NCAAF amounted to $22.2 million with table tennis, clocking in another $12.4 million. Interestingly, table tennis became popular around the same time the pandemic first struck, depleting sportsbooks of markets to offer. NCAAB clocked modest interest with only $8.2 million collected, and professional basketball adding another $9.6 million.
In an official statement, Colorado Division of Gaming director Dan Hartman had this to add: “The positive response by Coloradans to sports betting continues to bring voter intended results that can only mean good things to come for the beneficiaries.”
Colorado kept leading the way in terms of total online betting revenue, with $226.87 million wagered online and just $4.36 million wagered at retail shops. This amounted to $231.23 million total with $212.88 million of this amount paid back to participants.
Colorado collected $793,820 in total taxes during November, and while the NCAAF is now finished, the series of Super Bowl replacing the regular season should give the state another boost. There is also the NBA taking place, giving Colorado yet another chance to push its sports betting handle past the $231 million. Stakeholders have a lot to be excited for.