The Colorado Department of Revenue has reported robust gains in sports wagering results for November 2024, with the total wagers reaching an impressive $647,951,807. This marks the highest recorded month of sports betting handle, second only to December 2023, which saw $717,430,270.
Key Metrics for November 2024
- Total Wagers: $647,951,807
- Revenue: The highest amount generated in a single month at $55,666,475
- Tax Revenue: $3,958,611
- Hold Percentage: 8.60%
Popular Betting Markets
- NFL and Basketball: These remain the most bet-on markets in Colorado, with NFL parlay bets leading the charge.
- NCAA Sports: Both NCAA Football and NCAA Basketball continue to attract significant wagers.
Per-Sport Breakdown
- NBA: Generated a total betting handle of $148.4 million, up from $82.4 million in October.
- NCAA Football: Brought in $43.5 million in bets, slightly increasing from $42 million the previous month.
- NCAA Basketball: Pulled in $29.8 million, a decline from $37.7 million in November 2023.
- MMA: Generated $3.2 million.
- Golf: Clocked in $885,000 in wagers.
- Table Tennis: Continued to be popular with $17.2 million in bets.
- Ice Hockey: Delivered $16.5 million in handle.
- Soccer: Achieved $20.6 million.
- Tennis: Slightly down to $23.5 million from $41.4 million in October.
Industry Insights
- Online Sportsbooks: Accounted for 99.40% of the total handle.
- Regulation: The industry is regulated by the Colorado Division of Gaming, which provides detailed insights into popular sports and wager types but does not disclose per-sportsbook data.
Future Outlook
Despite the popularity of NFL betting, there was a slight dip in the monthly results, possibly due to bettors exploring other sports and parlay options. Since its introduction on May 1, 2020, sports betting has steadily gained traction in Colorado, and the market continues to grow and diversify.
The positive trends in Colorado’s sports betting landscape reflect a healthy and expanding market, with various sports contributing to the overall handle and revenue.
