Talk about a Rocky Mountain High.
According to the Colorado Department of Revenue (DOR), for the first time in state history, the total amount wagered on sports betting in Colorado, also known as the “handle”, exceeded $600 million in November. The handle topped $608 million for the month, almost a 10% increase from October.
This amount exceeded the previous record set in January 2022 by $30 million and caps what’s arguably the best year in Centennial State sports betting since it launched in 2020.
It was also the ninth time that Colorado sportsbooks generated more than $500 million in handle.
The NFL and NBA Dominate November Wagering
Colorado sports bettors were drawn to the NFL and NBA, which accounted for more than 48% of the total handle.
The NFL was the more popular of the two, with a handle of $151.1 million and almost 25% of the revenue. The Denver Broncos’ impressive performance throughout November, winning all three games against the Buffalo Bills, Minnesota Vikings, and Cleveland Browns, certainly contributed to the success.
The NBA also left its mark on the month, with a handle of nearly $144 million and just under 24% of the revenue. This makes sense, as it was the first full month of the season for the Denver Nuggets, who are defending their title.
In addition to the NFL and NBA, plenty of bets were placed on college football ($52 million), college basketball ($37.7 million), tennis ($22.6 million), and hockey ($19.6 million).
Not All The November News is Good in Colorado
Despite the impressive increase in handle, gross gaming revenue fell from nearly $47 million in October to roughly $29 million in November.
What About Online Casino Games?
We’re now approaching four years since online sports betting became legal in Colorado (on May 1, 2020), and given the success of sports betting in the state, many people are wondering when (and if) online casino gaming will be available in Colorado. However, there is no clear indication that online casinos will launch anytime soon.
While online sports betting is legal in Colorado, online casino gambling is not. The only legal options for online gambling in Colorado are sweepstakes and social casino sites.
Despite the lack of online casino gambling, there are several additional wagering options that people can try, including:
- Casino gambling (commercial and tribal)
- Retail and online sports betting
- State lottery (retail only)
- Pari-mutuel wagering on horse racing (online and retail)
- Off-track betting locations (simulcast racing), bingo
- Other charitable gaming
Bettors can bide their time, while they wait for online casinos to be approved.
Sports Betting Appears to Have a Bright Future in Colorado
Based on past trends, it’s highly likely that the handle will remain above $570 million in December and January. There’s even a chance that it could approach $625 million in January, as it is one of the top-five handle months in Colorado history.
So, it appears the future of online sportsbooks betting in Colorado is on solid ground. We’ll continue to crunch the numbers and bring you updates as we get them.
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