Colorado Sports Betting Handle Rises By 10% in November

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12/31/2020
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Legal sports betting in Colorado has recorded a 7th consecutive month-on-month increase with the Mile-High State’s sports betting handle in the Mile-High State hitting a new record along the way.

Colorado’s Impressive Set of November Sports Betting Numbers

Colorado recorded more than $231 million in sports betting handle for its highest ever month, up a whopping 9.7%% from October’s handle result of $210.7 million. In doing so, Colorado became one of six states (along with New Jersey, Pennsylvania, Nevada, Indiana and Illinois) to have crossed the $225 million mark in sports betting handle in November. The record-breaking month saw $231.2 million in total Colorado sports betting handle, with huge sports wagering support for the NFL, College Football and College Basketball.

Looking forward, Colorado is also eyeing similar strong handle results from the upcoming NHL and NBA seasons. Basketball’s NBA began on December 23 and the state is anticipating an even bigger figure for December on the back of the Denver Nuggets strong post-season last year and more people wagering during the holiday season.

Examining the Mile-High State’s November Sports Betting Figures

Looking at the Colorado numbers under the microscope, the NFL and Denver Broncos games in particular, brought in $88.4 million in total handle. The Broncos have a huge impact on the Colorado sports betting environment and in sparking bettor’s interest, in particular with FanDuel, Betfred and BetMGM online sportsbooks having sponsorship deals with Colorado’s favorite sporting franchise.

Colorado’s Most Popular Sports for Betting

Other popular sports in Colorado during the month were pro basketball, table tennis ($12.4 million – continuing its unexpected popularity built during the pandemic-enforced professional sports shutdown), and both college football ($22.2 million alone) and basketball. In combination, these collected an impressive $52.6 million of handle. The most preferred types of wagers were parlays which brought in $40.3 million. The ‘Others” category (comprising a gaggle of sports like NHL betting to UFC Fight Nights, NASCAR, EPL and other European Soccer Leagues and PGA Tour Golf) bought in more than $31 million of sports betting handle.

The top 5 sports for Colorado went as follows;

  1. NFL – $88.5 million
  2. NCAA football – $22.3 million
  3. Table tennis – $12.4 million
  4. NBA Basketball $9.7 million
  5. NCAA basketball – $8.3 million

Numbers for online sports wagering were almost impossibly high, rising on the already enormous October figure. Almost all of November’s wagers were made online. Online sportsbooks attracted $226.8 million, or 98.1% of the month’s handle, an increase from $206.4 million, or 98%, of all of Colorado’s legal October sports betting wagers.

The state government of Colorado collected $793,820 in taxes in November from sports betting operators, which is the highest amount since the online market was launched and a boost to the state’s water security program (for which sports betting was bought in to pay for). November’s Gross Gaming Revenue was $18.4 million, which was a 5.5% increase from October’s $17.4 million.

Sportsbooks Lining Up to Enter the Booming Colorado Market

Established international and New Jersey sportsbook, 888Sport and Betsson, who are based in Stockholm, were both recently approved for temporary online sports betting licenses earlier in December. The decision for the license approvals was taken during the year’s final meeting for the Colorado Limited Gaming Control Commission.

Both sportsbooks are only waiting on regulatory background checks before they can proceed further. 888Sport has signed a multi-year agreement with Grande Casino in Cripple Creek for Colorado licensing, while Betsson has agreed to a similar deal with Dostal Alley Casino in Central City.

Once Betsson and 888Sport are both up-and-running, Colorado will have 18 online sports betting operators in a super-competitive market.

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