Colorado notches record sports betting revenue in November
Solid hold percentage helps Centennial State operators generate $36.8m in GGR
November was a banner month for Colorado sports betting operators, which combined to take in a record $36.8m in gross gaming revenue (GGR) on $475.4m in total handle. That led to just under $2m in taxes back to the state.
Colorado achieved the high-water revenue mark despite a 3.3% downtick from October’s record handle of $491.5m thanks to a higher hold in November. Sportsbooks held 7.7% of bets for the month, compared to 5.8% in October, which translated to $28.6m in GGR.
The revenue disparity can be primarily attributed to the calendar, as there were five full football weekends in October, versus four in November. And pro football continues to be king of the hill in terms of wagering activity.
NFL betting accounted for $140.3m in handle and $14.4m in revenue, equating to a robust 10.3% hold for the sportsbooks. And while pro basketball wasn’t too far behind at $124.7m in handle – nearly double October’s total of $63.3m – gamblers fared much better with their NBA wagers, as the books held just 1.9% for $2.3m in revenue.
College football and college basketball were neck and neck for the number three and four spots on the podium, with NCAA football generating $29.4m in handle while betting volume on college hoops totaled $29m. Ice hockey and soccer also performed well, at $14m and $11.2m respectively.
Unlike other states, Colorado notably does not break down monthly results by operator, making it impossible to determine market share in one of the most competitive states in the US.
The state does, however, segment revenue by bet types, and the primary takeaway is Colorado bettors love their parlays: Parlay betting accounted for nearly half of the total revenue for the month ($17.1m). Bettors staked $83.8m on parlays, with sportsbooks holding 20.4% of the long-shot wagers.