That is the fourth handle that exceeds $500 million in Colorado in 31 months of legal sports wagering. On Wednesday, the Colorado Division of Gaming reported that the said total handle signaled a 16.2% increase compared to the November 2021 handle of $475.4 million. October’s total handle amounted to $526.6 million.
The division also reported that the state gained nearly $2.6 million from sports betting taxes in November. This represents a 10.8% increase in comparison to the October tax revenue and a 30.4% increase year over year when the collected taxes amounted to $1.98 million. It also added that the monthly tax total for November 2022 is 30.4% higher than the taxes collected for the same month in 2021 amounting to $1,979,134.
Basketball as the Top Sport for November
As the NBA season has just begun, professional basketball brought in $142.2 million in total wagers for November 2022. The National Football League (NFL) held second place with $135.3 million in bets, followed by the NCAA football with $48.1 million in wagers, then the National Collegiate Athletic Association (NCAA) football with $48.1 million in bets, NCAA basketball with $39 million in bets, and soccer with $27.7 million in wagers. Hockey‘s handle amounted to $19.4 million, which left it in sixth place on the list.
Closer Look at Colorado Sports Betting Statistics
November’s handle is the second-highest one for Colorado standing behind January’s handle being $573.7 million. In October, the state became also the seventh one to exceed the $9 billion in all-time handle in the post-PASPA (Professional and Amateur Sports Protection Act of 1992) period and the seventh state, which cleared the $4 billion handle for the 2022 calendar year as well.
In November 2022, the Colorado gambling sector registered a gross gaming revenue (GGR) of $ 37.6 million, of which $37.1 million was generated by online operators and $453,625 came from retail sportsbooks.
Parlays continue to be the leading earners for Colorado’s online and retail sportsbooks, as the local punters placed a total of $91.8 million in parlay bets and won just $73.7 million, thus leaving a 19.7% hold rate for the house.