Colorado Sportsbooks Handle Surpasses $600 Million in November
LISTEN TO THIS ARTICLE:Colorado licensed sportsbooks recorded a combined sports betting handle of $608.5 million in November 2023, an increase of 10.1% year-on-year.
The handle was also 9.7% higher than the figure recorded in October. Additionally, it was the first time the state will surpass the $600 million mark in terms of handled bets.
Related: Colorado Signs Law to Ban Out-of-State Broadcast Greyhound Racing
While online bets accounted for $602.9 million of total bets, $5.6 million came in from retail bets.
However, despite the record-breaking handle, operators generated a revenue of $28.6 million in November, down by nearly 24% year-on-year and a decrease of 39% compared to the revenue in the previous month. The decline in revenue is due to the unfavorable sporting results in the month which led to an unusually low hold rate of 4.7%. While the online hold rate was 4.68%, the retail hold stood at 6.68%.
In net terms, operators secured around $13.6 million in revenue, indicating that they spent over $14 million in promotional credit. The promotional spending was particularly driven up by ESPN BET’s debut. The pattern has been observed in the November betting revenue report of other states where ESPN BET launched.
Preferred Sports by the Bettors
Regarding sports, the NFL was the most favored sport amongst bettors in the state in November, accounting for $151.2 million of the total handle. However, dispensing $146.2 million in winnings to players, NFL bets generated only $5 million in revenue.
Basketball, specifically NBA bets claimed the second spot with a $143.6 million handle and $5.7 million in revenue. Together, the NFL and NBA accounted for nearly half of all bets placed in Colorado during the month.
College basketball and football combined for an additional 14.8% of bets, while tennis represented 3.7% and hockey 3.2%. During the month, Colorado residents placed bets exceeding $135.3 million on parlay bets, leading to payouts of $124.2 million and generating $11.1 million in gross revenue for operators.
The state collected $1.49 million in taxes from the net revenue of operators in November.
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