November Sees an Increase in Colorado Sports Betting Handle

The sports betting handle in Colorado hit a new high in November, reaching over $600 million for the fifth consecutive month. However, despite the significant increase in handle, operators are not as pleased with the revenue. Compared to previous months and years, their losses have been substantial.

In November, Colorado casinos saw players wagering a total of $608.5 million, marking a 60.7% decrease in revenue from the previous month. This decline is mainly attributed to the players’ exceptional luck, as they won more money than usual, resulting in a 4.7% hold percentage, a 44.4% decrease from the previous month.

The online sports betting market in Colorado has proven to be the most popular, accounting for over 99% of the total handle, with a revenue of $28.2 million, which makes up 98.7% of the total revenue. On the other hand, retail sportsbooks generated a handle of $5.6 million, with a 6.64% hold percentage. This surge in online betting has caused a decrease in total net earnings by about 20% annually.

However, despite the decrease in revenue for operators, the overall handle increased by 21.4% compared to the previous month. The most popular retail sportsbook was Black Hawk, with a revenue of $352,134.

In terms of sports, basketball and football were the most popular, with the NFL generating almost $150 million in online wagers. The players’ winnings amounted to $146.2 million. Additionally, basketball saw a total of $143.6 million in bets, with players winning $137.9 million in total.

According to Play Colorado, professional football and basketball were followed by college football and basketball, and parlay bets also contributed to the surge in sports betting in Colorado. Despite the decrease in revenue for operators, the increased handle and popularity of mobile sports betting indicate the growing popularity of sports betting in Colorado.