Colorado: Total Sports Betting Handle Rose 4.9% In November 2022
The total sports betting handle in Colorado experienced an increase of 4.9% in November 2022 when compared to the previous month and reached $552.6 million
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.
Yasmin is an iGaming and gaming journalist with over 10 years of writing about various publications. Her experience spans the entirety of iGaming, traditional sports, as well as online poker. She is well-versed in every aspect of online gaming and her wealth of knowledge provides additional substance to our coverage.
