Colorado sports betting handle hits $231m in November

Colorado’s sports betting market hit a new monthly record in terms of handle in November.

According to the latest figures from the Colorado Department of Revenue’s Division of Gaming, sportsbooks in Colorado processed $231m in bets in November.

November’s handle marked a new record for the state’s betting market and represented a 9.7% increase on the $210m wagered in October.

In November, online and mobile sportsbooks accounted for $227m of the state’s handle while just $4.3m was wagered at land-based sportsbooks.

The state’s legal and regulated sportsbooks generated $18.3m in gross gaming revenue, leaving the state with $793,820 in tax revenue.

Once again, online betting accounted for the majority of revenue with online sportsbooks generating $17.6m in revenue.

November’s revenue marked a significant increase on the $17.4m generated in October  

In a statement, Dan Hartman, director of the Colorado Division of Gaming, said: “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.”

What did people bet on?

Like many of the other US states that have posted their November figures, football continues to be the most popular sport to bet on, thanks to the NFL and college football seasons.

According to the state report, $88m was wagered on professional football while bettors wagered $22m on NCAA football events.

Table tennis was the third-most popular sport to bet on in Colorado with bettors wagering more than $12m on table tennis events.

Bettors in the state wagered $39m on parlay bets while the “other” category, which includes all sports not specifically mentioned in the report, accounted for $31m of the state’s handle.

Sports betting in Colorado

The Centennial State narrowly legalised sports betting in November 2019 after voters approved the sports betting measure through a referendum.

Like New Jersey, Pennsylvania and Indiana, Colorado law allows sports bettors to register online accounts remotely from anywhere within state lines. 

More operators are expected to launch in Colorado, which could have more than 30 sportsbook operators once the market reaches full maturity.

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