Colorado Sports Betting Hits Milestone in November 2024

Colorado’s sports betting industry achieved remarkable success in November 2024, as detailed in the latest report from the Colorado Department of Revenue. The total sports wagering handle for the month reached an impressive $647,951,807, making it the second-highest month on record for the state. This figure was second only to December 2023, which saw a peak handle of $716,430,270. As December approaches, there is speculation about whether this year’s final month might sur that record-setting performance.

A Breakdown of November’s Key Metrics

The robust numbers in November highlight more than just the total handle. Several critical indicators illustrate Colorado’s thriving sports betting market:

• Online Dominance: An overwhelming 99.38% of the total handle was generated through online sportsbooks.
• Record Revenue: Gross Sportsbook Revenue reached an all-time high of $55,666,475.
• Tax Contributions: The state collected $3,958,611 in taxes, further underscoring the market’s growth.
• Strong Win Rate: Sportsbooks achieved an 8.59% win percentage during the month.

These metrics emphasize the continued rise of online sports betting platforms and their role in driving both industry profits and state tax revenues.

Colorado’s sports betting trends in November 2024 offer insights into the preferences of local bettors. The majority of wagers were concentrated in three primary categories:

• Parlays and Combinations: 25.4% of the total handle.
• NFL Games: 24.9% of wagers.
• Basketball: 22.9% of bets.

Additional betting activities included NCAA football, NCAA basketball, and even niche sports like table tennis. These figures reveal the diverse interests of Colorado bettors and the strong influence of major sports leagues.

Seasonal Patterns and Growth Over Time

Examining sports betting activity across recent years highlights the consistent upward trend in Colorado’s market. Monthly revenues for September, October, and November have shown steady year-on-year increases, particularly during the NFL season. The sustained growth reflects the rising popularity of sports wagering in the state, ed by major sporting events and effective regulatory measures.

The November 2024 handle represents a 6.49% increase compared to the same month in 2023, which recorded $608,488,266.48. It also marks a 7.7% rise from October 2024’s handle of $601,222,030.73. This growth is further echoed in tax revenue figures: November 2024 taxes saw a 59.95% increase from October 2024 and an astounding 165.82% rise compared to November 2023.

Looking at the broader picture, the fiscal year-to-date (FYTD) statistics offer additional insights into the market’s trajectory:

• FYTD Wagers: The total reached $2,504,872,432.17 by November 2024, a 10.67% increase from the previous fiscal year’s $2,263,317,142.75.
• FYTD Taxes: Tax contributions climbed to $15,228,526.93, reflecting a 31.95% rise from the prior fiscal year’s $11,541,296.57.

These numbers highlight the growing acceptance and enthusiasm for sports betting in Colorado, driven by expanding market opportunities and a robust regulatory framework.

With November setting the stage, attention now turns to December 2024 to see if the state can break its previous record. As the NFL season continues and other major sporting events unfold, Colorado’s sports betting market is poised for further growth.

Source:

”Colorado Division of Gaming Monthly Figures Show A 10.67% Increase in Wagers for Fiscal Year To Date”, sbg.colorado.gov, December 23, 2024.