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Colorado Tops $600 Million In Sports Bets For November

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2024-01-05

Colorado Tops $600 Million In Sports Bets For November

Colorado Tops $600 Million In Sports Bets For November

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In November, Colorado sportsbooks handled over $600 million in bets, marking a significant increase compared to the previous year. Despite the impressive handle, operators faced challenges due to unfavourable sporting results, resulting in a lower than usual hold rate. However, the launch of ESPN BET and the use of promotional credits contributed to operators’ revenue. In this article, we will delve into the details of Colorado’s sports betting landscape, examining the handle, revenue, and performance of different sports.

In November, Colorado sportsbooks recorded a handle of $608.5 million, representing a 10.1% year-over-year increase. The handle was divided into $602.9 million in online bets and $5.6 million from retail channels. Despite the high handle, operators only held 4.7%, which is considered unusually low. The online hold rate stood at 4.68%, while the retail hold rate was 6.68%. Consequently, the state’s revenue for November decreased by almost 24% compared to the previous year, amounting to $28.6 million. On a net basis, operators earned around $13.6 million in revenue after paying out over $14 million in promotional credits.

The NFL emerged as the most popular sport among bettors in Colorado, contributing $151.2 million to the handle. However, operators only made $5 million in revenue from NFL bets after paying out $146.2 million in winnings to players. The NBA also garnered significant attention, with bets reaching $143.6 million and revenue of $5.7 million. Together, the NFL and NBA accounted for nearly half of all bets placed in Colorado during the month. College basketball and football followed closely, representing 14.8% of bets, while tennis and hockey made up 3.7% and 3.2% respectively.

Parlay bets were also popular among Coloradans, with over $135.3 million wagered in November. Operators earned $11.1 million in gross revenue from these bets, after paying out $124.2 million in winnings. Parlay bets offer the opportunity for bettors to combine multiple selections into a single bet, increasing the potential payout but also the risk.

Despite the challenges faced by operators, the state of Colorado collected $1.49 million in taxes from their net revenue for the month of November. This tax revenue contributes to the state’s budget and helps fund various government programs and initiatives.




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